MPS launch inquiry into UK readiness for a ‘no deal’ Brexit

THE Commons Treasury Committee has launched an inquiry into how ready the UK is for a “no deal” Brexit scenario, reiterating the need for certainty following a week of crunch Brexit talks in Brussels.

The parliamentary committee, which scrutinises the UK’S financial services sector, said it had opened an inquiry into the UK’S economic relationship with the EU that will consider the impact of a no deal exit and the progress of the negotiations.

Conservative MP Nicky Morgan, the former education secretary and Remain supporter who chairs the committee, said they would look into “the negotiation, design and governance of transitional arrangements, and the shape of the long-term economic relationship”.

The committee will hear evidence on Wednesday from a panel of experts including Sir Ivan Rogers, who resigned as Britain’s ambassador in Brussels in January and said in his resignation letter that serious multilateral negotiating experience was “in short supply in Whitehall”.

Theresa May has been under increasing pressure to speed up the formal negotiations and break the Brexit deadlock this week, although Angela Merkel looked to soothe concerns yesterday by saying there is “zero indication” Britain will leave the EU without a deal.

The financial services sector is concerned about the lack of progress on a transition period and this week the Cityuk repeated calls for such a deal so that institutions are not faced with a “cliff-edge” scenario in March 2019.

Lloyd Blankfein, the chairman and chief executive of Goldman Sachs, took a deliberate potshot at Brexit via Twitter on Thursday, saying: “Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there. #Brexit”