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Jeremy Browne was very concerned about France's aggressive stance towards a post-Brexit deal, said The Mail on Sunday.Pictured: City of LondonPicture credit: Bo&KO 

Browne, who was in Luxembourg at the beginning of July, warned UK treasury ministers and MPs that “they are crystal clear about their underlying objective: the weakening of Britain, the on-going degradation of the City of London.”

According to The Mail on Sunday on 16 July, Browne wrote that “the meeting with the French Central Bank was the worst I have had anywhere in the EU. They are in favour of the hardest Brexit. They want disruption. They actively seek disaggregation of financial services provision.”

The Financial Times stated on Sunday 16 July that “Mr Browne said he had met 26 of the 27 EU members in recent months. In contrast with Paris, Luxembourg saw its interests as 'complementary to the City of London' and was 'openly enthusiastic for us to remain as Europe’s big financial services hub'.”

However, the FT notes that Browne warned that “Luxembourg suggested Britain should not assume the EU would agree to confer all the features of single market membership during a transitional phase.”

Banks and insurers have submitted their worst-case scenarios and contingency plans to the Bank of England on Friday 14 July.