Financial Services

(asked on 8th May 2018) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the structures that the Government will need to put in place to prepare for new rules affecting UK financial services during the transition period of exiting the EU.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 15th May 2018

The UK and EU negotiating teams have agreed the terms of a time-limited Implementation Period. While the UK will no longer be a member state of the European Union, market access will continue on its current terms during the Implementation Period. To give businesses and citizens certainty, common rules will remain in place until the end of the period. This means businesses will be able to trade on the same terms as now up until the end of 2020.

Once the UK becomes a third country, we will withdraw from the institutions of the EU. As a non-member state, we have been clear that the UK will no longer have the same role in the decision-making of the EU. However, it is clearly in the interests of both sides that the UK continues to work closely together on matters that concern the UK, as set out in the agreement.

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