Corporate Advisory

Brexit – Loss of EU Passporting is a ‘Significant Risk’ to business, says the Chairman of the Treasury Select Committee

More than 5,000 British financial services firms rely on “passporting rights” to trade across the EU, the chairman of the Treasury select committee, Andrew Tyrie, has said.

Passporting rights allow firms to trade across the bloc without the need for separate licences.

Mr Tyrie said it showed the “significant” risk Britain leaving the single market would pose to business.

But Eurosceptics have previously said such an outcome would not harm the UK.

The data was provided in a letter to Mr Tyrie from Andrew Bailey, head of the Financial Conduct Authority (FCA).

In it, Mr Bailey revealed that 8,008 European companies use 23,532 passports to trade in the UK.

By contrast, 5,476 UK firms currently hold some 336,421 passports to trade elsewhere in EU.

 

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