Steve Beasant

Liberal Democrat Prospective Parliamentary Candidate for Great Grimsby and Councillor for the East Marsh Learn more

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Conservative infighting threatens to wreck Britain’s financial services industry

by Steve Beasant on 27 January, 2018

The government must urgently spell out its aims from the second phase of EU negotiations and on transitional arrangements or their infighting risks wrecking Britain’s financial services industry.

The following article was written by the Lib Dem Leader Vince Cable and published today on the Lib Dem Website.

A screen at the stockmarket showing values rising and falling.

The government must urgently spell out its aims from the second phase of EU negotiations and on transitional arrangements, the Lords EU Financial Affairs Sub-Committee has warned. 

The committee has warned of market fragmentation and financial instability if the UK loses access to the EU through no deal, particularly damaging Britain’s financial services industry.

Goldman Sachs boss Lloyd Blankfein, for example, warned this week that it is reaching a point in contingency planning where it will be too late to stop the group from leaving the UK.

This is a serious warning from a respected committee. Philip Hammond’s comments this week that the UK and EU economies will diverge only ‘very modestly’ shows he is desperate to reassure the City that nothing is really going to change.

But obviously things will. Serious business people will, therefore, be assessing their options, including whether or not to relocate to other EU countries.

The Conservatives must stop their infighting and at least draw up some kind of coherent plan on what they want from Brexit talks.

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