Government urged to publish Brexit financial services paper

Brexit

The government must publish its Brexit position paper on financial services in order to assuage the “chronic state of uncertainty” at present, the chair of the Treasury Committee has warned.

Nicky Morgan urged John Glen, Economic Secretary to HM Treasury, to provide clarity on the government’s Brexit negotiating position in relation to financial services.

Glen had previously written to Morgan saying that early publication of its position paper “could be used to undermine the UK’s negotiating position”.

However, Morgan said: “Nothing undermines a negotiating position more than not having one.

“Many firms will begin to activate their Brexit contingency plans at the end of March, but they’re still none the wiser about the government’s desired end-state for the sector.

“Financial services firms will be seriously concerned at the chronic state of uncertainty. The government should publish its position paper on the future of financial services immediately.”

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