Draft Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 Debate
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Drew Hendry
Main Page: Drew Hendry (Scottish National Party - Inverness, Nairn, Badenoch and Strathspey)Department Debates - View all Drew Hendry's debates with the HM Treasury
Draft Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019
Drew Hendry Excerpts(5 years, 2 months ago)
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Drew Hendry (Inverness, Nairn, Badenoch and Strathspey) (SNP)
It is a pleasure to serve under your chairmanship, Mr Davies. This is yet another part of a poor attempt to patch up the damage to the financial services industry caused by a Brexit that my constituents, and indeed all of Scotland, did not vote for. It is just another piece of Brexit red tape. Any version of Brexit is bad for Scotland, which voted overwhelmingly to remain.
Financial services firms are already voting with their wallets and have moved a trillion dollars from the UK since the 2016 Brexit referendum. Ten years after the financial crash, in which securities played a major role, our financial services sector needs meaningful reform, not new problems stemming from Brexit. Instead of planning to minimise the damage, we should be using our time to plan a successful future inside the EU. This SI does nothing to protect our economy from Brexit and we cannot accept the UK Government’s attempt to run down the clock in an attempt to force their MPs to back Brexit motions. The UK Government must instead extend article 50.