Britain’s financial services sector will have an “orderly transition” out of the European Union, a minister has said.
Simon Kirby, economic secretary to HM Treasury, made the comments during a speech at the UK Financial Services Brexit Summit today (11 October).
But he did concede that the route out of the European Union would not always be smooth.
He said: “You’ve also told us you’re worried about market disruption and the risks to financial stability when we leave the EU. And so we will push for a solution that means an orderly transition – that neither disrupts how financial services are delivered, nor importantly drives up costs.
“There is a lot of work ahead for all of us.
“And we know that we must expect some turbulence – some bumps in the road – as we negotiate our exit from the EU – with article 50, the mechanism to withdraw, set to be triggered by the end of March at the latest next year.
“But we’ve worked hard to strengthen our economy, and we approach this period from a position of strength. So we are confident that we can weather any storm that comes our way.”
His comments came after prime minister Theresa May revealed her plans to trigger article 50 by the end of March 2017.
Mr Kirby said Britain is in a “strong place” to have a passporting regime with the EU because they will have shared the same rules for so long.
He said: “We have a positive story to tell and we have all the talents to keep offering the financial products and expertise that our global customers require.
“And while we are rewriting our relationship with the EU, we will also be working hard to retain our reputation for British excellence in this industry.
“The prime minister has made it clear the Britain we will build after Brexit is going to be a global Britain. So it’s the time now to be bold, the time to build a new confident role for ourselves on the world stage.
“And that means continuing to be a place which can attract the very best workers coming from abroad, while at the same time making sure we keep developing our home-grown talent of the future. It’s a balance between the two.”
Evan Owen, founder of the IFA Defence Union, said he also couldn't see many troubles on the horizon for financial services as a result of the UK leaving the European Union.
He said: "If they want to maintain some sort of free trade they have to agree to whatever the European Union says anyway."
damian.fantato@ft.com
