The minister later told business leaders the UK had an opportunity to reform regulation derived from EU law, but would not deliberately antagonise the EU - its biggest trading partner - immediately after the Brexit deal.
The problem, as Eyk Henning and Jan-Henrik Förster report, is that U.K. bankers can no longer directly pitch transactions to EU corporate clients.
Returned goods relief can be claimed on goods, including works of art, that are re-imported into the UK after having previously been exported, subject to certain conditions.
As such, British financial companies no longer have direct access to most EU markets post-Brexit, without authorisation.
Spain succeeded in convincing the EU to separate the issue of Gibraltar from the greater Brexit negotiations, meaning that Madrid is handling all talks directly with its counterparts in Gibraltar and London.