Last night Parliament voted in favour of the Withdrawal Agreement Bill at second reading, but against the Government’s proposed timetable. Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“Parliament’s decision to vote in favour of the Withdrawal Agreement Bill at second reading is a positive step away from a damaging no-deal Brexit. But there are still many hurdles to overcome before the financial services industry can have the clarity and security it so desperately needs.

“While another extension would give us some welcome breathing space, it is a sticking plaster rather than a sustainable, long-term solution. Sustained uncertainty has left business stalling, unable to make everyday decisions on investment, expansion and recruitment.

“But even if a deal is passed, it is just the beginning of the Brexit process, not the end. Business wants a positive future relationship with the European Union.

“It is vital that any future framework agreement properly recognises the services sector and its huge contribution to the UK economy. This should involve securing maximum market access, keeping Britain open to global talent, maintaining investment and developing a framework for the UK economy to prosper in the years ahead.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk