Brake – Financial services workers being hung out to dry

The EU’s chief Brexit negotiator, Michel Barnier, again made it clear today that the UK cannot retain its current financial services passporting rights if outside the Single Market.

During a visit to the European Banking Authority (currently based in London but soon to relocate to Paris due to Brexit), Michel Barnier said in a tweet that: “Preparedness for #Brexit is key. All competent authorities and market operators have to prepare now. When the UK leaves the single market, the financial passport is gone.”


Commenting, Tom Brake MP, leading supporter of Open Britain, said:

“People working in financial services - a large and thriving sector of our economy - deserve better than being hung out to dry by this Government.

“Not only have ministers failed to produce a promised position paper on what will happen to financial services post-Brexit, but they have failed to engage with the reality that leaving the Single Market means the UK will lose its passport to provide financial services across Europe.

“A reckless decision to sacrifice passporting puts jobs and our economy at risk and the knock on effects in tax take and money for our public services could be devastating.”


Notes to editors:

The full tweet from Michel Barnier can be read here.