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04 December 2018

Financial Times: Rejecting Brexit deal would threaten stability of London, Treasury minister says

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Members of parliament who refuse to back Theresa May’s Brexit deal threaten to imperil the stability of the City of London, the economic secretary to the Treasury has warned.

Speaking to a room of bankers and City figures at the FT Banking Summit, John Glen said he hoped MPs recognised that rejecting the agreement would plunge the UK’s financial centre into a protracted period of uncertainty.

“I am confident and hopeful that my colleagues understand that rejecting this deal will take us back to square one,” he said.

“It would prolong the uncertainty and turbulence which threatens the unity of our country and stability of the City.”

The warning comes as the UK government embarks on the final week of a frenzied campaign of domestic diplomacy to try to shore up political support for Mrs May’s deal ahead of a crunch vote in parliament next Tuesday.

Mr Glen insisted that the deal was “good for the City” and that London would enjoy a level of access to the EU that was unparalleled for a so-called third country.


“The relationship will be of greater depth than any other the EU currently has with a third country in financial services,” he said. [...]

Full article on Financial Times (subscription required)

© Financial Times

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