{"id":62523,"date":"2018-01-26T20:15:27","date_gmt":"2018-01-27T01:15:27","guid":{"rendered":"http:\/\/www.gayfriendschat.com\/socialblog\/uk-firms-will-move-abroad-if-brexit-trade-deal-not-agreed-soon-lords-warn\/"},"modified":"2018-01-26T20:15:27","modified_gmt":"2018-01-27T01:15:27","slug":"uk-firms-will-move-abroad-if-brexit-trade-deal-not-agreed-soon-lords-warn","status":"publish","type":"post","link":"https:\/\/www.gayfriendschat.com\/socialblog\/uk-firms-will-move-abroad-if-brexit-trade-deal-not-agreed-soon-lords-warn\/","title":{"rendered":"UK Firms Will Move Abroad If Brexit Trade Deal Not Agreed Soon, Lords Warn"},"content":{"rendered":"

UK Firms Will Move Abroad If Brexit Trade Deal Not Agreed Soon, Lords Warn<\/b>
\nUK firms will begin to activate their \u2018Brexit contingency plans\u2019 and move abroad if a trade deal with the EU is not agreed soon, a House of Lords committee has warned.<\/p>\n

In their latest report, members of the EU financial affairs committee say both Britain and Europe risk market fragmentation and financial instability if they can\u2019t agree a deal on market access once the UK has left the bloc.<\/p>\n

Peers have called on the government to clarify what outcome it wants from phase two of Brexit negotiations and on transitional arrangements post-March 2019, or face companies putting in place\u00a0\u201ccostly and potentially irreversible\u201d contingency plans.<\/p>\n

Committee chair and Lib Dem Baroness Falkner of Margravine said: \u201cThere is a risk of market fragmentation and financial instability if the UK loses access to the EU, as well as harm to customers and businesses. The UK\u2019s financial services sector is a global asset and both sides should want it to continue serving clients throughout Europe.<\/p>\n

\u201cThe financial services sector needs greater clarity from the government about what it wants after Brexit, and it needs it now. A transition period is meaningless without a destination.<\/p>\n

\u201cBrexit is an opportunity to tailor the regulatory regime to strengthen the UK\u2019s financial services sector, but the UK must remain committed to the international standards put in place following the financial crisis and continue to shape them to ensure a robust regulatory regime.\u201d<\/p>\n

Several firms from a variety of industries, including financiers Goldman Sachs, have warned they are fast-approaching a point when they will have no choice but to leave the UK.<\/p>\n

The European Medicines Agency announced late last year that it would move its headquarters from London to Amsterdam.<\/p>\n

Lib Dem leader Vince Cable said the Lords\u2019 report should act as a \u201cserious warning\u201d to Theresa May\u2019s cabinet following ructions within the Conservative Party this week.<\/p>\n

Philip Hammond angered Tory Brexiteers by suggesting Britain and the EU would move only \u201cvery modestly\u201d apart after the UK exits the union, but Downing Street insisted the PM still had \u201cfull confidence\u201d in the chancellor on Friday.<\/p>\n

Cable said: \u201cThis is a serious warning from a respected committee. Philip Hammond\u2019s comments this week that the UK and EU economies will diverge only \u2018very modestly\u2019 shows he is desperate to reassure the City that nothing is really\u00a0 going to change.<\/p>\n

\u201cBut obviously things will. Serious business people will, therefore, be assessing their options, including whether or not to relocate to other EU countries.<\/p>\n

\u201cThe Conservatives must stop their infighting and at least draw up some kind of coherent plan on what they want from Brexit talks.\u201d
\n
\nwww.huffingtonpost.co.uk\/entry\/uk-firms-will-move-abroad-if-brexit-trade-deal-not-agreed-soon-lords-warn_uk_5a6b47b1e4b06e253266efdf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

UK Firms Will Move Abroad If Brexit Trade Deal Not Agreed Soon, Lords Warn UK firms will begin to activate their \u2018Brexit contingency plans\u2019 and move abroad if a trade deal with the EU is not agreed soon, a House of Lords committee has warned. In their latest report, members of the EU financial affairs … Continue reading UK Firms Will Move Abroad If Brexit Trade Deal Not Agreed Soon, Lords Warn<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2466,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":["post-62523","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nUK Firms Will Move Abroad If Brexit Trade Deal Not Agreed Soon, Lords Warn - GAYFRIENDSCHAT.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gayfriendschat.com\/socialblog\/uk-firms-will-move-abroad-if-brexit-trade-deal-not-agreed-soon-lords-warn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Firms Will Move Abroad If Brexit Trade Deal Not Agreed Soon, Lords Warn - GAYFRIENDSCHAT.com\" \/>\n<meta property=\"og:description\" content=\"UK Firms Will Move Abroad If Brexit Trade Deal Not Agreed Soon, Lords Warn UK firms will begin to activate their \u2018Brexit contingency plans\u2019 and move abroad if a trade deal with the EU is not agreed soon, a House of Lords committee has warned. 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