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Govt shelves Brexit financial services paper

The chair of the influential Treasury committee has criticised the Government’s failure to publish a paper on the future of financial services after Brexit as sending “all the wrong signals”.

The Government had previously promised to publish “sector impact assessments”, which have been repeatedly delayed.

Indeed, in November last year, Brexit minister David Davis admitted the assessments did not exist, despite being promised to parliament.

He had previously refused to release the internal studies on the impact of Brexit, but said there was analysis of 58 sectors, including asset management, banking and fintech.

Now reports have emerged that the paper on the future of financial services may never be published.

Treasury committee chair Nicky Morgan says: “Financial services will be one of the most challenging elements of the Brexit negotiations. A paper articulating a clear sense of direction, and a desired end-state, could have boosted confidence that the Government is up to the task.”

Morgan adds: “Some level of clarity has been provided for numerous sectors. Financial services firms will be seriously concerned at the chronic state of uncertainty.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. The first common denominator in all these missing analyses is that if there was a good news story to be published at the end of the day, the analyses would be published.

    The second common denominator is those in favour of any flavour of Brexit, really don’t care about the consequences, and in an assertive manner too.

    it is no point arguing against them. One has to persuade the floating voters at another referendum.

  2. There is not going to be another referendum.

    • There will be another referendum, at some point, if the UK does, actually, leave the EU this time around. There is no escaping the fact that the world will not continue, ad infinitum, to be as disparate as it is now and that includes Europe. So get real.
      The only proviso I would add to my assertion is that a future Government might take the country back into Europe without calling a referendum, because they are notorious for providing bad (stupid) results when people do not know all the intricacies of what they are, or aren’t voting for.
      People who voted remain knew what to expect, because they already have it and don’t think it has caused the UK many problems. People who voted leave, by and large, had no clue what to expect but still did so out of some sense of nationalism and/or dislike of foreigners, even though they will deny it. I know several of them myself and, if I do, you can bet many others have come across them as well. There is no doubt, either, that foreign powers, and money, were at work and that funds were provided to leave campaigns that broke the rules.
      The Dinosaurs won’t be around forever though.

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