Sector welcomes PM’s first Brexit deal

Brexit

The insurance sector has welcomed news that the UK and EU plan to move onto the next phase of Brexit talks but stresses the need for certainty on the UK’s future trading relationship with the bloc.

Reacting to the news, Inga Beale, Lloyd’s CEO, said: “We are pleased that the Brexit talks can now enter the second phase focusing on trade, and that agreement has been reached on the rights of EU citizens in the UK.”

Beale added that the business community still requires certainty from government on the nature of any trade deal struck to carry relations forward once the UK withdraws from the block.  

“The insurance sector still urgently needs certainty on the UK’s future trading relationship with the EU. As outlined by the London Market Group last week the priority must be to ensure mutual insurance and reinsurance market access once the UK leaves the EU. If the LMG’s proposals are adopted neither the EU nor UK would have to sacrifice market access or control over their respective regulatory regimes.

 “We therefore remain very keen to see an agreement that puts in place a sensible transition period and a broad and expansive post-Brexit free trade agreement, which includes the financial services sector. In the meantime we continue to move ahead with our plans to establish a Lloyd’s subsidiary in Brussels – which will provide certainty for the market and our clients.”

Huw Evans, director general, Association of British Insurers, said: “It is good to see progress in the Brexit talks. We hope that this can pave the way for substantive commitments in 2018 on both transition arrangements and the future trading relationship with the EU.”

The comments come in the wake of news that Prime Minister Theresa May has struck a last minute deal with the EU in a bid to move Brexit talks on to the next phase.

The deal will see no hard border with Ireland and EU citizens in the UK, UK citizens in the EU will see their rights protected, and the so-called Brexit divorce bill will amount to between £35bn and £40bn.

 

 

 

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