Commenting on the publication of The United Kingdom’s exit from, and new partnership with, the European Union White Paper by the UK government today, Simon Lewis, Chief Executive at AFME, said:

"The UK government has today published its White Paper on Brexit providing some further welcome clarity on its objectives for Brexit.

“Whatever the shape of the final deal, we have consistently said that the exit process outlined in the EU Treaty, including Article 50, does not on its own provide sufficient flexibility to ensure a smooth adjustment across all sectors of the European and UK economy. Robust transitional provisions will be essential to ensure orderly adjustment to the ultimate post-Brexit arrangement.

“Our new study with PwC on the operational impact of Brexit on wholesale banking describes the realities that our members are having to prepare for a hard Brexit outcome. Our findings help to validate the consensus view that transition arrangements will be necessary to minimise the impact on the provision of client services and disruption to the market.

“We call on policymakers to reach early agreement on a Brexit transition arrangement which enables the capital markets to adjust smoothly and maintains their capacity to serve clients across Europe and internationally.”

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