Parliament has tonight voted to reject the Government’s Brexit deal. Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“Parliament’s decision to reject the Government’s deal means businesses across the UK will continue to face uncertainty regarding our relationship with the European Union.

“The Government must now urgently set out its ‘Plan B’ to ensure we can secure a deal locking in a legally binding transition before 29 March.

“Financial stability must not be jeopardised in a game of high-stakes political poker. Politicians across all parties should work together pragmatically to avoid a no-deal Brexit, which would be a hugely damaging outcome for households and businesses on both sides of the Channel.

“In the meantime, it is 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. We need firm action, not just rhetoric, to deal with these issues in the coming days and weeks.”

ENDS

Notes to editors

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