The House of Lords EU Financial Affairs Sub-Committee have published a report on Brexit and the financial services industry.
The report - Brexit: the future of financial regulation and supervision – warns that “there is a risk of market fragmentation and financial instability if the UK loses access to the EU, as well as harm to customers and businesses.”
The Chair of the Committee, Baroness Falkner of Margravine today cautions that:“ A transition period is meaningless without a destination.”
Commenting, Chris Leslie MP, leading supporter of the Open Britain campaign, said:
"The Lords are right to say that a transition period is meaningless without a destination.
"But revealing a destination is one thing the Government refuse to even consider, instead offering only warm words and empty promises.
"As the costs and complexity of Brexit become ever clearer as new facts emerge, people have every right to keep an open mind about whether Brexit is the right direction for our country."