Responding to the phase one progress announcement from the European Commission, Stephen Jones, Chief Executive, UK Finance said:

?Today's announcement is certainly a positive step, making important progress in the negotiations and bringing a welcome and significant clarity on the rights of EU citizens living and working in the UK. But the agreement on Phase One issues is just the start - we now need to see the detail and further action on those issues that will determine the real impact of Brexit on the economy, consumers and jobs. Businesses need to see clear progress in the New Year on the future trading relationship and how we will transition to any new arrangements to ensure we can continue to meet the needs of customers.?

ENDS

Notes to Editor

1. UK Finance produces Brexit Quick Briefs (BQB) ? a series of short papers intended to inform readers about key commercial, regulatory and political considerations around Brexit. While they are focused on banking, many of the issues discussed have wider relevance. Each BQB may be read on its own or in conjunction with other papers in the series. It is intended to expand the series as further topics of significance are identified.
2. UK Finance is a new trade association which was formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 300 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.