In response to the Brexit Minister’s speech in Middlesbrough today, Policy Chairman at the City of London Corporation, Catherine McGuinness, said:

“The Brexit Minister’s comments in Middlesbrough today have put fire behind the need for an agreement on a transition by March this year.

“The UK and the EU share strong trade links, so it’s in both sides’ interests to ensure clarity and certainty for firms in the EU and the UK as part of this transition.

“We support the Brexit Minister’s calls for neither side to legislate in a way that might undermine the current relationship during the transitional period.

“In order to have the time to secure a bespoke and ambitious trade deal that would benefit both the UK and the rest of the continent, it is vital to have this transitional arrangement.

“Establishing new trading relationships with international partners will be central objective for the UK. The International Regulatory Strategy Group’s recommendation for financial services as part of a comprehensive free trade agreement (FTA), should act as a new ‘blueprint’, setting a global precedent for FTAs.”