To ask Her Majesty's Government what assessment they have made of re-shaping UK financial services laws and regulations by, for example, removing parts of the Markets in Financial Instruments Directive II and the Solvency II Directive, with the aim of protecting UK business in the event of a no-deal Brexit in financial services.
Answered on
22 January 2018
The Government is committed to pursuing an ambitious and comprehensive economic partnership with the EU. A no deal outcome is neither desired nor expected. However, a responsible government should prepare for all potential outcomes, including the unlikely scenario in which no mutually satisfactory agreement can be reached. Plans are well developed and have been designed to provide the flexibility to respond to a negotiated agreement, as well as preparing for the unlikely eventuality of leaving without a deal.