News | Hanna: Brexit banking fears ‘significant’

Hanna: Brexit banking fears ‘significant’

SDLP Brexit Spokesperson Claire Hanna MLA has said that concerns about the Banking sector raised by the Bank of England’s stress tests are significant and must be addressed by the British Government to protect consumers.

She said:

“As the hard Brexiteers tighten their grip on the British Government, the chances of a ‘no-deal’ scenario continue to increase.

“Everyone on this island should be clear – a ‘no deal’ Brexit is the worst case scenario. It will lead to a hard border and new trade tariffs, setting Anglo-Irish relations back years. Those in Northern Ireland cheerleading for WTO rules are totally deluded.

“In GB the financial services and banking sector would be devastated by such an outcome. Today’s results from Bank of England stress tests may show a degree of resilience but they’ve also revealed millions of ordinary people with insurance policies in EU companies that could have policies essentially invalidated at the point of collection.

“Staggeringly, the same situation applies on a much larger scale to the financial institutions themselves. Insurance between banks is worth over £26 trillion. Without a framework to deal with this between the EU and Britain, the financial sector will be rocked by instability.

“In those circumstances, it’s difficult to see financial services companies maintaining the risk of operating in this jurisdiction at all. That puts 32,000 jobs in Northern Ireland alone in jeopardy.

“It’s time for firm answers from the Brexiteers about how they square these circles. Tired soundbites and intransigence are no longer enough.”

Claire Hanna MLA

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