Thursday, July 12, 2018 05.14PM / HM Government
The United Kingdom will leave the European Union on 29 March 2019 and begin to chart a new course in the world. The Government will have delivered on the result of the 2016 referendum – the biggest democratic exercise in this country’s history. And it will have reached a key milestone in its principal mission – to build a country that works for everyone. A country that is stronger, fairer, more united and more outward-looking.
The UK government has today published a White Paper on the future relationship with the European Union.
The Government is advancing a detailed proposal for a principled and practical Brexit. This proposal underpins the vision set out by the Prime Minister at Lancaster House, in Florence, at Mansion House and in Munich, and in doing so addresses questions raised by the EU in the intervening months – explaining how the relationship would work, what benefits it would deliver for both sides, and why it would respect the sovereignty of the UK as well as the autonomy of the EU.
UK Finance Responds To Brexit White Paper
UK Finance Chief Executive Stephen Jones said:
“The UK is currently the second largest exporter of services worldwide. Tens of thousands of customers and billions of euros of banking and capital markets services are reliant on the UK remaining Europe’s most interconnected financial centre. As the Government recognises in today’s White Paper, it’s entirely possible to use the tools and trust we have established during 40 years of membership of the EU to construct a new arrangement that preserves some of the benefits of close alignment without sacrificing political and regulatory autonomy.
"However, as today’s paper makes clear, simply relying on existing equivalence arrangements will not provide financial institutions with effective market access that enables them to serve their customers. The Government is right to want to propose a new economic and regulatory arrangement which seeks to strengthen and expand the current third country regime.
"Given the limited time available it is vital that both the UK and EU27 negotiators come to the table and focus on ensuring a legally enforceable agreement, delivering enhanced and expanded third country arrangements that enables meaningful cross-border market access in financial services. In this way firms on both sides of the Channel can continue to serve business and clients across the UK and Europe without risking financial stability.”
TheCityUK Responds To The Government’s Brexit White Paper
Following the publication, Miles Celic, Chief Executive Officer, TheCityUK, said,
The overriding issue for financial and related professional services firms is the ability to continue serving customers and clients. Mutual recognition would have been the best way to achieve this. It’s therefore regrettable and frustrating that this approach has been dropped before even making it to the negotiating table. In hundreds of discussions across the EU, the industry has never come across an unanswerable technical or commercial barrier to this approach. The EU’s objections have always been political.
“Our priority now is to examine the proposals in the White Paper and engage with government on how this new approach can be made to work in the interests of our customers. We are reassured that the government continues to reject the current form of equivalence. It does not meet any of the requirements for success.
“Brexit was always going to result in access to the EU market being more difficult. Therefore, an effective and secure future regulatory relationship is vital. It is now urgent that we make rapid progress on the negotiations, both around the future relationship and on immediate issues for customers such as contract continuity.”