The EU Financial Affairs Sub-Committee has received a response from Baroness Neville-Rolfe, Commercial Secretary, HM Treasury, to its report, Brexit: financial services, which was published on 15 December 2016.
The Committee published its report on Brexit: financial services on 15 December 2016. The report highlighted the importance of agreeing a transitional period for financial services, so that a 'cliff edge' was avoided, both at the moment of withdrawal following the Article 50 process and as the UK moves to a new relationship with the EU. The Committee also concluded that the wider EU economy relied on the financial services currently provided in the UK, which might not be easily replicated elsewhere in the EU, and that, therefore, it would be in the EU’s interests to preserve access to its market for UK-based firms.
The Committee's report was also debated in the House of Lords on 9 February 2017.