Belgian finance minister tells BI: "Thousands and thousands of jobs depend on the business done with the UK."

He wants a quick trade deal with the UK after Brexit to avoid a "tipping point where all of a sudden things get very bad."

The minister was visiting London to meet finance companies and try to convince them to set up EU subsidiaries in Brussels.



LONDON — Belgium's finance minister wants the EU to strike a quick trade deal with Britain after Brexit in order to protect jobs in his country.

Johan Van Overtveldt told Business Insider in an interview this week: "Belgium is the fourth exporter, in nominal amounts, into the UK, on a par with France which is a much bigger country. And so, if Brexit goes the wrong way, in terms of the hard Brexit, it will hurt the Belgian economy seriously."

"We’re talking about thousands and thousands of jobs depending on the business done with the UK."

Van Overtveldt called for the EU to strike a quick trade deal with the UK after it leaves the EU in order to protect jobs.

"My fear is that these negotiations might drag on and on," he said. "The longer the process continues, the more it will drag down the economy.

"I think you have the danger of reaching a tipping point where all of a sudden things get very bad. We’re not there yet, and hopefully, we never get there, but the longer the discussion continues and the more hostile it becomes, if it goes that way, you will get to a trigger point that might be dangerous, certainly for the UK but also for the European economy."

Van Overtveldt said that the UK government has "not been that coherent" in negotiations, but said: "I fully understand these are difficult issues and the democratic process runs its way and you have a lot of discussions, a lot of adjusting positions."

He was speaking to BI in London during a visit to meet with finance companies and try to convince them to open offices in Brussels.

"According to my humble opinion London will be a major financial centre as far as the eye can see — full stop," he said. "What we try to do is offer Brussels as something that is, can be, should be, complementary to London."

Britain's future trading relationship with the EU is up in the air due to Brexit and many companies are opening up new subsidiaries in the EU to ensure they continue to have a license to sell goods and services to the 27 country bloc whatever happens. Major cities across Europe have been attempting to woo businesses ever since Britain voted to leave the EU in June 2016.

Insurance marketplace Lloyd's of London is the biggest business so far to choose Brussels as its new European headquarters. Van Overtveldt said: "We immediately had the impression that a lot of the insurance industry would be interested as well, which indeed seems to be the case. One thing leads to another and we’re just trying to surf on the tide that has been developing."