Jonathan Reynolds MP,Labour’s Shadow City Minister responding to reports that the EU is preparing rule changes for clearing houses that would affect London’s financial sector, said:

“Clearing is a vital business for the City and for the UK as a whole. Imposing territorial restrictions on Euro-denominated transactions would not only damage the UK, but the EU as well, and risks driving jobs and revenue to New York.

“A strong UK government could easily win this argument, but instead of a real plan the Tories’ shambolic handling of Brexit means this issue is still being raised.”