| answer text |
<p>The Treasury is in frequent contact with firms and regulators regarding their contingency
planning for EU exit. Firms that are using the EU “passport” to serve clients in the
EEA recognise that further steps to legal certainty remain, and are taking the sensible
step of carrying out contingency planning with respect to their operations in the
EEA in order to be ready for a scenario in which the UK leaves the EU without a deal.</p><p>
</p><p>The Government is also doing the necessary work to make sure that we continue
to have a stable and functioning financial services regime at the point of leaving
the EU in any scenario and to minimise disruption for UK households and businesses.
As the Bank of England’s Financial Policy Committee set out in the Financial Stability
Report in November 2018, the UK’s banking system is strong enough to continue to serve
UK households and business even through a disorderly Brexit, in which there is no
deal and no transition period.</p><p> </p><p>That being said, we remain committed
to preserving our competitive position in financial services after the UK has left
the EU. An implementation period is the most effective means of ensuring a smooth
and orderly exit from the EU. That is why leaving the EU with a deal remains the Government’s
top priority.</p>
|
|
