EU Commissioner Hill on Brexit, Political Future

The transcript discusses the UK's new relationship with the EU post-referendum, emphasizing the need to respect the decision and explore new opportunities. It compares the Norwegian model, highlighting its limitations for the UK due to its developed financial sector. The need for a new economic model and strategy is stressed, especially for financial firms facing uncertainty. The negotiation process, including Article 50, is discussed, with emphasis on the importance of a calm and steady approach.

What is the main focus of the UK's new economic model after leaving the EU?

• Adopting the economic model of another EU country

• Maintaining the same economic strategies as before

• Focusing solely on manufacturing industries

• Reimagining the economic model with financial services at its core

How does the Norwegian model differ from the UK's situation?

• Norway has access to the single market but less influence over rule-making

• Norway is a member of the EU

• Norway does not pay into the EU

• Norway has more influence over EU rules

What should financial firms in the UK do in response to the uncertainty caused by Brexit?

• Focus on domestic markets only

• Wait for the government to provide a solution

• Relocate to another EU country

• Collaborate with the government to develop a new strategy

What is the expected timeline for the UK to gain clarity on its future relationship with the EU?

• In the next decade

• Immediately after Brexit

• Two to three years

• Within a few months

What is the role of Article 50 in the UK's negotiation process with the EU?

• It allows the UK to bypass negotiations

• It is irrelevant to the negotiation process

• It must be invoked to start formal negotiations

• It guarantees the UK access to the single market

What is the suggested approach for the UK and EU to handle negotiations?

• Focus on domestic policies only

• Engage in calm and steady discussions

• Avoid any form of negotiation

• Escalate rhetoric and take contrary views

What is the importance of starting the negotiation process as soon as possible?

• To maintain the status quo

• To avoid any form of negotiation

• To delay the process indefinitely

• To ensure a quick resolution