Parliament last night (29 January) voted on a range of amendments to the Government’s Brexit proposals. Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“Parliament’s majority last night against the UK crashing out of the European Union without a deal is a welcome signal of intent, as a no-deal Brexit would be a hugely damaging outcome for businesses and households on both sides of the Channel.

“We now need to crack on and renegotiate a withdrawal deal with the EU27 which Parliament can get behind in order to put an end to the current Brexit impasse. 

“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.

“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 in the event of a no deal.”

ENDS

Notes to editors

About the City of London CorporationThe 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