TheCityUK responds to outline Brexit agreement

The EU today published the outline Withdrawal Agreement and the political statement on the future economic relationship between the UK and the EU.

Responding to the publication Miles Celic, Chief Executive Officer, TheCityUK, said,

Negotiators have made great strides on the withdrawal agreement, as well as the future relationship.

“The importance of financial services has been acknowledged and its inclusion in the political declaration means that this sector is hardwired into the future negotiations. It also recognises that this is in the mutual economic interests of both sides and – most importantly – of customers.

“It’s encouraging that the declaration is grounded in the principles of regulatory autonomy, transparency and stability, and underpinned by close and structured cooperation. The industry will also welcome the clarity on the legally-binding transition period.

“There is still much to be negotiated, including the framework for the wider professional services sector which is so important to both the UK and EU economies. The focus must now be on securing the withdrawal agreement so that we can move forward to the next stage of the process.”

John McFarlane, Chairman of the Board, TheCityUK, added,

It is important that the financial and related professional services industry is provided for in the agreement, given its economic significance. This is therefore constructive progress and presents a pragmatic and workable solution. Securing an implementation period is a major step to ensuring financial stability and enables businesses to deal with Brexit in a normal rather than hurried way. We appreciate there needed to be compromises, but this is infinitely better than the severe and unpredictable damage from a no deal outcome.”