Reacting to the decision to postpone a vote in Parliament on the proposed EU Withdrawal Agreement, Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“With just over 100 days to go until Brexit, it is imperative the Government sets out its next steps to ensure we can secure a deal locking in a legally binding transition before 29 March.

“A no-deal Brexit would be in nobody’s interests. It is vital that a 21 month transition period is secured to allow the sector time to work through this complex process.

“In the meantime, it is critical that EU regulators work urgently to address cliff-edge issues such as contract continuity for insurance and derivatives as well as the operation of clearing houses. These are issues that could disrupt cross-border financial services and threaten financial stability in the event of a no-deal Brexit. It’s reassuring to hear increasing acknowledgment that these issues need dealing with but we need firm action, not just rhetoric.”