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February Update: Financial Services

29 January 2018

From negotiations to legislation, Brexit continues to hang heavy over the political scene this February as Prime Minister Theresa May struggles for her political survival amid mutinous mutterings over the next phase talks.

The House of Lords will take centre stage in the battle over future regulation as it considers the European Union (Withdrawal) Bill at the Committee Stage. 

Meanwhile, speculation will soon commence about the contents of the Chancellor's upcoming Spring Statement.

Here, Jo Hall, DeHavilland's Monitoring Consultant for Financial Services policy, gives you the lowdown on what to watch out for this February.

What's on the agenda this month

by Jo Hall, Monitoring Consultant

The fallout over Brexit continues after the Government revealed in January that it had little intention of publishing a position paper for Financial Services.

There are reports of infighting within the Cabinet as Europhile ministers including Chancellor Philip Hammond and Eurosceptic ministers including Foreign Secretary Boris Johnson are unable to reach an agreement on the UK’s negotiating position, even as transition period negotiations are due to begin in the coming months.

The Bank of England’s Monetary Policy Committee is set to meet this month, with the Inflation Report to be published on 8 February. Members of the Committee have hinted that interest rates are to be increased several times over the next few years, tantalising market watchers before finally making a very small upward movement last November, but there has been little speculation as to whether interest rates will be increased this month.

In the House of Commons, the Financial Guidance and Claims Bill is to enter Committee Stage on1 February, whilst the Taxation (Cross-border Taxation) Bill is also set to continue at the Committee Stage.

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