Commenting on the House of Commons approving the EU Withdrawal Agreement Bill at second reading, Chief Executive of UK Finance Stephen Jones said: 

This vote takes us one step closer to an exit from the EU but is only the beginning of what is required to restore the predictable legal and economic backdrop necessary for businesses including financial services firms to operate successfully.

?The hard work must now continue, and we hope the UK and EU will focus quickly on the sector-specific detail regarding our future relationship that needs to be agreed to avoid the renewed threat of a cliff-edge exit at the end of 2020. Services account for 80 per cent of UK GDP and financial services specifically deliver a significant balance of payments surplus for the UK, and must therefore be at the centre of the UK's negotiating position.

?Both sides will benefit from maintaining deep and integrated financial and capital markets, ensuring firms can continue providing key cross-border financial products and services to their customers.

?The UK should also work with the EU to build a clear institutional mechanism for regulatory dialogue as well as maintaining a strong voice at a global level to influence standard-setting bodies key to the industry.

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