Rebecca Long-Bailey MP, Labour’s Shadow Chief Secretary to the Treasury, responding to the Treasury Select Committee warning on passporting rights post-Brexit, said:

 “The loss of financial passporting rights would be a major blow to British business and jobs, as confirmed by this report.

 “It would be a mistake if the Tories were to put thousands of workers across Britain on notice of redundancy by giving away passporting rights so easily.

 “Labour wants to see reforms to the financial sector, including better regulation and the setting up of a National Investment Bank and regional development banks, as part of our plan to rebuild and transform Britain. We will support a financial sector that supports investment and jobs in the UK.

 “While Britain is on hold waiting to find out about the Government’s Brexit plans and the Chancellor’s economic strategy, we have made it clear that we will not support any Brexit deal which puts the livelihoods of so many families at risk in this way.”