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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 19 January 2017.
On 11 January 2017 the Governor of the Bank of England (BoE), Mark Carney, gave evidence to the Treasury Committee on the BoE’s Financial Stability Report 2016. He told the Committee it is ‘highly advisable’ that the government seeks agreement to transitional arrangements, and does this at the start of the negotiations. He also warned the UK's negotiating counterparts in the EU that they, more than the UK, are vulnerable to financial stability risks during the period of transition.
On 12 January 2017, TheCityUK released a report setting out its key priorities for the UK-based financial and related professional services industry in the Brexit negotiations. The report calls for, among other things, clear and up-front transitional arrangements and legal continuity.
On 17 January 2017, Theresa May confirmed the government will not look to remain in the single market post-Brexit and will instead push for the ‘freest possible trade’ deal with European countries. The Prime Minister has also confirmed the final deal between the UK and the EU will be put to a Parliamentary vote. However, Ms May insisted, should the government fail to get the deal it wants, ‘no deal will be better than a bad deal’. Legal experts have expressed concern the two-year time frame to make provisional arrangements will not be long enough to develop an adequate deal for industry, the financial services sector in particular. Meanwhile, corporate lawyers tell LexisNexis the trade deal the government seeks may see the European Court of Justice continue
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