Responding to the Prime Minister’s statement on Brexit in the House of Commons today (12 February), the City of London Corporation’s Policy Chair Catherine McGuinness said:

“The last grains of sand are slipping through the hour glass as another day is lost in Brexit limbo. Businesses and households continue to face uncertainty about whether the UK will crash out of the European Union without a deal at the end of March.

“Politicians may be used to striking deals at the eleventh hour but businesses cannot afford to wait until then. City firms need certainty about our future relationship with the EU in order to invest and create jobs across the UK. Locking in a legally binding transition period as part of a deal is vital to give the sector time to work through this complex process.

“It is welcome that the Prime Minister identified a number of areas on which Parliament can come together. We now need to see some progress being made in the national interest.

“It is also critical that EU regulators urgently address cliff-edge issues such as contract continuity and data flows. These are issues that could disrupt cross-border financial services and prevent firms from serving their customers in the event of a no deal.”

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