RegulationOct 15 2015

TSC looks into impact of Brexit on financial services

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TSC looks into impact of Brexit on financial services

The Treasury select committee has launched an inquiry into the economic impact of Britain leaving the EU.

One of the issues the cross-party committee will be looking at is whether UK investments in Europe would be affected by “Brexit”.

The government has committed to holding a referendum on Britain’s membership of the EU by the end of 2017 following a renegotiation.

Andrew Tyrie, the chairman of the committee, said: “This enquiry will be wide-ranging, dealing with all the economic and financial consequences of the UK’s EU membership, and the impact of departure.

“The committee’s job will be to attempt to marshal the evidence on this important question into a coherent form, enabling the electorate to make a more informed decision.

“It welcomes evidence from all those with views and expertise.”

The committee will also look at what impact Britain’s withdrawal from the EU will have on the financial services industry and on the regulatory environment.

Adviser view

Bob Wilson, director of Norfolk-based GreenSky Wealth, said: “I wouldn’t think the markets in Europe would react too favourably to UK leaving. Markets don’t like uncertainty generally.”