PUBLISHED: 12:59, Sat, Oct 24, 2020 | UPDATED: 13:08, Sat, Oct 24, 2020
However, Robert Oulds, director of pro-Brexit think tank the Bruges Group, has said the bloc's "childish" attempts to punish the City of London were doomed to fail - and any such move would result in the EU's financial system rapidly running out of money. Ms McGuinness, head of the City of London Corporation’s policy and resources committee, has said the deals which Japan has secured with both the EU and UK were a "model" which needed to be replicated elsewhere.
Instead, the UK's financial sector was consistently being treated like a "neglected child" during negotiations, she claimed.
Mr Oulds told Express.co.uk: "The EU relies on the City of London.
"It would be completely self-defeating."
Such a move would be a classic example of cutting off one's nose to spite one's face, Mr Oulds said.
Boris Johnson, European Commission President Ursula von der Leyen and Japan's PM Yoshihide Suga (Image: GETTY)
Catherine McGuinness, head of the City of London Corporation’s policy and resources committee (Image: GETTY)
The EU's financial system would run out of cash in days
He added: "They cannot do that to themselves.
"Not only that, the EU's financial system would run out of cash in days."
Mr Oulds said he was not worried by any suggestion that the EU was prioritising Japan over the UK.
He said: "This is just a negotiating position.
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Robert Oulds is interviewed on Sky earlier this year (Image: Sky News)
"It shows they are worried by