EU Commissioner Hill: EU Benefits Were Clear, Strong

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 speaker stresses the importance of creating a new economic model, involving financial services and domestic policies. Financial firms are encouraged to collaborate with the government to develop a strategy amidst uncertainty, with a new Prime Minister set to lead the process.

What is the main focus for the UK after deciding to leave the EU?

• To return to the EU as soon as possible

• To find new opportunities and reimagine its economic model

• To adopt the Norwegian model without changes

• To maintain the status quo with the EU

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

• Norway has access to the single market but less influence over EU rules

• Norway is part of the EU, unlike the UK

• Norway has more influence over EU rules than the UK

• Norway does not pay into the EU budget

What is a potential domestic policy tool mentioned to compensate for changes post-Brexit?

• Increasing import tariffs

• Increasing VAT

• Implementing stricter immigration laws

• Reducing corporation tax

What is a key challenge for financial firms in the UK post-Brexit?

• Finding new office locations in the EU

• Reducing their operations in London

• Collaborating with the government to develop a new strategy

• Increasing their workforce

What is the main reason for uncertainty among financial firms in the UK?

• Lack of clarity on the UK's new relationship with the EU

• The UK's decision to adopt the Norwegian model

• The UK's decision to increase taxes on financial services

• The UK's decision to join the Eurozone