Economic Secretary refuses to commit to publishing paper on financial services

Thursday, 8 February 2018 08:17

Rt Hon. John Glen MP, Economic Secretary to the Treasury, has written to Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, about a position paper on financial services. In his letter, Mr Glen said that the Government ‘must carefully consider the timing of any publications that could be used to undermine the UK’s negotiating position.’ Commenting on the correspondence, Mrs Morgan said: “The clock is ticking for the...Request free trial

Rt Hon. John Glen MP, Economic Secretary to the Treasury, has written to Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, about a position paper on financial services.

In his letter, Mr Glen said that the Government ‘must carefully consider the timing of any publications that could be used to undermine the UK’s negotiating position.’

Commenting on the correspondence, Mrs Morgan said:

“The clock is ticking for the financial services industry. As the British Chambers of Commerce said yesterday, businesses need answers urgently on the Government’s vision for Brexit so they can prepare for the future with confidence.

“Many firms will begin to activate their Brexit contingency plans at the end of March, but they’re still none the wiser about the Government’s desired end-state for the sector.

“By publishing a position paper on financial services, the Government could articulate a clear sense of direction and provide some much-needed clarity. Yet, as the Economic Secretary confirms, the Government is refusing to publish such a paper for fear of undermining the UK’s negotiating position.

“Nothing undermines a negotiating position more than not having one.

“Clarity has been provided for numerous other sectors, so the more than one million people employed in financial services will take no comfort in the Government’s inaction.

“Financial services firms will be seriously concerned at the chronic state of uncertainty. The Government should publish its position paper on the future of financial services immediately.”

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Notes to Editors

Mr Glen’s letter to Mrs Morgan is attached.

Mrs Morgan tabled a Parliamentary Question on 16 November 2017 here, in which she asked the Secretary of State for Exiting the European Union when he plans to publish a future partnership or position paper on (a) service and (b) financial services. Mrs Morgan tabled a follow up question here.

The British Chambers of Commerce (BCC) wrote to the Prime Minister yesterday (7 February 2018), making an urgent appeal for clarity on the Government’s objectives ‘at a critical moment in the UK’s negotiations with the EU.’ The letter is here.