Business leaders have said that the government’s Brexit white paper is a “massive step forward” for the UK and have called on the EU to be pragmatic in its response.
However, the financial services industry attacked the government, describing the white paper as a “real blow” for the sector. While the document was hailed for its clarity on the UK’s negotiating position, many said there were still gaps in the proposals for businesses.
“It is a make-or-break summer,” said the Confederation of British Industry’s director general, Carolyn Fairbairn. “This is a race against time and we need to see pragmatism and flexibility from the EU. This is a massive step forward and a chance for the EU to really engage with it, but in parallel more work needs to be done here; we need to use the summer to get round the table with the EU.
“The EU must now engage constructively and flexibly, as must politicians from all UK parties. This is a matter of national interest. There’s not a day to lose.”
The City of London expressed deep disappointment, saying the government’s proposal for a new financial services arrangement will effectively make it more difficult to do business post-Brexit. It does not offer an alternative proposal to the current EU-wide passport for banking and it was “regrettable and frustrating” that the City’s suggestion for “mutual recognition” of services “has been dropped before even making it to the negotiating table”, said TheCityUK’s chief executive, Miles Celic.
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