Menu
Fri, 29 March 2024

Newsletter sign-up

Subscribe now
The House Live All
Communities
Mission possible: Delivering tomorrow’s homes today Partner content
Economy
Data: driving the UK’s growth and productivity Partner content
Economy
By Jill Rutter
Brexit
Economy
Press releases

Treasury Committee chair Nicky Morgan presses Bank of England on Brexit readiness

2 min read

Treasury select committee chair Nicky Morgan has called on the Bank of England to provide details of how prepared banks and insurance firms are for Brexit.


In one of her first moves since taking on the high-profile role, the former cabinet minister has written to the bank's Prudential Regulatory Authority about the key risks of a "no deal" outcome.

Ms Morgan, a staunch Remain backer and latterly supporter of staying in the European single market has asked PRA head Sam Woods to reply by tomorrow.

The former minister acknowledged the “cause for concern” of a “cliff-edge” for the financial sector, adding that reaching a desirable arrangement was necessary to protect the City’s “pre-eminence as a global financial centre”.

In her letter, she said: “The cliff edge facing businesses in April 2019 is a cause for concern, particularly in the financial services sector. Based on the information the PRA [Prudential Regulation Authority] has collected, I have asked Sam Woods about how banks and insurers will respond as the Brexit deadline approaches, and the key risks of a ‘no deal’ scenario.

“I have also asked Mr Woods for his views on the desirability and design of a transitional arrangement with the EU, to provide more time to negotiate and prepare for a new UK-EU economic relationship.

“Getting these arrangements right will be crucial for ensuring that the City retains its pre-eminence as a global financial centre, and to protect the economy and jobs as the UK leaves the EU.”

In April, the PRA asked all the firms it regulated for a summary of their contingency plans for the UK's exit from the EU, with a deadline of 14 July.

PoliticsHome Newsletters

PoliticsHome provides the most comprehensive coverage of UK politics anywhere on the web, offering high quality original reporting and analysis: Subscribe

Read the most recent article written by Nicholas Mairs - Public sector workers to get 5% pay rise from April if Labour wins election

Categories

Brexit Economy
Podcast
Engineering a Better World

The Engineering a Better World podcast series from The House magazine and the IET is back for series two! New host Jonn Elledge discusses with parliamentarians and industry experts how technology and engineering can provide policy solutions to our changing world.

NEW SERIES - Listen now