Top European Union leaders like German Chancellor Angela Merkel has clearly said that if the United Kingdom wants to access the single market then it will have to respect the European Union’s all four pillars of freedom that includes freedom of movement. While countries like Germany, which has given asylum to millions of migrants may press for freedom of movement, countries like France may support’s Britons’ desire to halt immigration. But that won’t come for free.

The second group of countries led by France likely to call for the withdrawal of banking passports to the United Kingdom, which will mean that the banks of the Kingdom will not be able to sell their services to the European Union.

Why are we even talking about such nonsense deal?

It’s because of the fact that if you are into UK politics the deal makes a lot of sense. Despite the fact that such a deal could mark the end of London as world’s biggest financial center, it is likely to be immensely popular with the public. At one hand, you can halt the immigration and at the same time you can bash the banks on the other.

But any such deal, which hurts UK’s financial services industry likely to be bad for the sterling, which is currently trading at 1.322 against the dollar.