UK business leaders accuse govt. of creating state of uncertainty
Business conglomerates have criticized Downing Street for failing to publish a paper on the future of the government’s financial services industry after leaving the European Union (EU).
Senior British financiers have expressed disappointment with London’s delay in providing the much essential clarity needed for the sector.
"When so many other sectors and issues have been given this clarity, the City is left in the dark," Catherine McGuinness, policy chair at the Corporation of the City of London, said on Monday."This really is disheartening."
Business leaders accused the government of creating a chronic state of uncertainty by sending wrong signals to the companies.
"Financial services will be one of the most challenging elements of the Brexit negotiations. A paper articulating a clear sense of direction, and a desired end-state, could have boosted confidence that the government is up to the task", Morgan said in a statement.
The British government, however, declined to say if any services paper would ever be published.
"We will keep under review what is the best way of advocating our position – be that in private discussions with the EU, speeches, or a formal position paper," a spokesperson for British Prime Minister told reporters on Monday .
"We always let you know in the normal way if there is to be one."
Britain and the EU agreed in December to the principle of a transition deal and to talks about future trade relationships.
British financial services potentially have a lot to lose from the end of free access to the EU market once the UK leaves the bloc in March 2019.
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