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Question for Treasury

UIN HL14017, tabled on 25 February 2019

To ask Her Majesty's Government what steps they are taking to help co-ordinate a post-Brexit strategy for financial institutions in the UK banking sector.

Answered on

11 March 2019

The Government’s ambition for the future relationship is to preserve the economic benefits of the most important financial services traded between the UK and EU, and ensure stable institutional processes for governing it. This ambition is reflected in the Political Declaration agreed between UK and EU negotiators last November.

Leaving the EU with a deal remains the Government’s top priority, and the Prime Minister is continuing to work to obtain legally binding changes to the Withdrawal Agreement that deal with parliament’s concerns on the backstop. However, it is the role of a responsible Government to prepare for all outcomes, including no-deal.

As a result, the Government - through the onshoring programme and Financial Services (Implementation of Legislation) Bill - is also doing the necessary work to make sure that we continue to have a stable and functioning financial services regime at the point of leaving the EU in any scenario and to minimise disruption for UK households and businesses.

The UK’s post-Brexit strategy for financial institutions will depend heavily on the final terms of our exit from the European Union, and the nature of our relationship post-Exit. We remain committed to preserving our competitive position as a world leader in financial services after the UK has left the EU.

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