Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 Debate
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Martyn Day
Main Page: Martyn Day (Scottish National Party - Linlithgow and East Falkirk)Department Debates - View all Martyn Day's debates with the HM Treasury
Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019
Martyn Day Excerpts(5 years, 2 months ago)
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Martyn Day (Linlithgow and East Falkirk) (SNP)
It is a pleasure to serve under your chairmanship, Mr Wilson. I will be very brief; most of what I was going to say has been said already. The SI appears to be simply an attempt to patch up the damage to our financial services industry caused by a Brexit that my country did not vote for, and I am very disappointed with it. We already know that financial firms are voting with their wallets and have moved assets worth over $1 trillion from the UK to the rest of Europe since the 2016 EU referendum, according to figures that Ernst & Young produced. I do not believe that the SI will stop the tide of financial services, jobs and assets leaving the country.