Question to the HM Treasury:

To ask Her Majesty's Government what advice they (1) sought, and (2) received, from (a) the Bank of England, and (b) the financial services industries, including insurance and financial derivatives, before tabling their amendment to the European Union (Withdrawal) Bill which specifies 11pm on 29 March 2019 as the statutory time and date for departure from the EU.

It became clear in the run up to EU (Withdrawal) Bill’s Committee Stage that there was uncertainty as to whether the ‘exit day’ appointed by the Bill would correspond to the day that the UK actually leaves the EU. The Government listened carefully to the debate around setting ‘exit day’ for statutory purposes of the Bill and recognised the importance of providing as much certainty as possible.

The Treasury is working closely with the Bank of England to ensure the UK’s smooth and orderly withdrawal from the European Union.