Responding to the Withdrawal Agreement between the EU and UK that was published today, Stephen Jones, Chief Executive of UK Finance, commented:

?Securing an agreed text on the Withdrawal Agreement is an important step forward in avoiding a damaging and disorderly exit from the European Union.  However, the hard work needs to continue. The country's economic future depends on politicians showing pragmatism over ideology and having an honest debate about the true cost of leaving the EU without a deal in place.

?The finance industry will continue planning to minimise any disruption from a ?no deal? scenario, until the agreement has been ratified on both sides of the Channel. During this time it is vital that both the EU and UK continue to work together to address potentially critical cliff-edge issues such as cross-border data flows and contractual continuity, to provide customers and firms with sufficient legal and regulatory certainty.

?The future framework shows important progress has been made in defining the nature of the UK's long-term relationship with the EU. These commitments must be solidified to ensure we can enable meaningful future cross-border market access in financial services.?

Notes to Editor        

1.  UK Finance is the trade association formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents more than 250 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers? Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.