26 October 2016

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Hollande: free movement key to future UK access to EU market

French President Francois Hollande warned that Britain would lose access to the EU's single market, and the City of London would no longer be able to act as a clearing house in euros, if the UK stopped free movement of workers from Europe, Reuters reports.


After British Prime Minister David Cameron reported to an EU summit on last week's referendum vote to leave the European Union, Hollande said single market access depended on accepting the so-called four freedoms of movement of goods, capital, labor and services, Reuters wrote.

Moody's changes outlook on UK sovereign rating to negative from stable, affirms Aa1 rating"If they don't want free movement, they won't have access to the internal market," he told a news conference.

Earlier, Hollande said that France and Germany should "take the initiative" after British voters decided their country should quit the EU.

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