Jonathan Reynolds MP, Labour’s Shadow City Minister, commenting on reports that Lloyds of London are looking at opening an EU office in the new year as a result of Brexit, said: 

“This shows why it is essential the UK secures access rights for the financial sector in any post-Brexit deal, as opening new subsidiaries risks losing jobs and tax revenue from the UK and will be expensive for the companies that do it. 

“However, in the absence of a clear commitment from the Government businesses have no choice but to prepare for the worst when faced with the Tories’ shambolic handling of Brexit.”

 Ends

 Notes to editors:

 Please see here for the report: https://www.ft.com/content/a3d0eff4-c224-11e6-81c2-f57d90f6741a