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Deputy Governor of the Bank of England to give evidence on Brexit impact to Lords Committee

Sir Jon Cunliffe, Deputy Governor of the Bank of England, will give evidence to the House of Lords EU Financial Affairs Sub-Committee on Wednesday 12 October 2016.

Other witnesses giving evidence to the Committee are: 

  • Huw Evans, Director General of the Association of British Insurers
  • Stefan Hoffmann, Head of European Affairs at the Swiss Bankers' Association
  • Miles Celic, Chief Executive of TheCityUK.

They will be asked about the impact of Brexit on the UK's finance sector.

Questions which the witnesses are likely to face include: 

  • How might a ‘harder' Brexit affect financial stability in the UK?
  • Is it a risk that the UK's financial services sector could become fragmented if firms relocate or conduct their operations from other locations?
  • In what areas would the Bank of England welcome greater regulatory discretion and control over financial firms and their activities?
  • What has been the reaction of major Swiss financial players to the outcome of the referendum?
  • What effect might a loss of passporting have on retail and institutional investors/clients across the UK and Europe?

The House of Lords EU Committee and its six Sub-Committees are conducting a coordinated series of short inquiries looking at the key issues that will arise in the forthcoming negotiations on Brexit. Taken as a whole, this programme of work will be the most extensive and thorough parliamentary scrutiny of Brexit.

The EU Financial Affairs Sub-Committee is carrying out an inquiry into what leaving the EU will mean for UK, EU27 and non-EU financial institutions and service providers. It will also look at the options for a new relationship with the EU.

The evidence session will take place at 10am on Wednesday 12 October 2016 in Committee Room 4A of the House of Lords. 

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