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MPs have been told by the head of the London Stock Exchange (LSE) that they should negotiate a five-year transitional Brexit deal.
Xavier Rolet said it was needed to help protect the UK ‘s financial industry.
He also said the current projected two years of negotiation was “too short”.
He said a five-year transitional deal will help maintain already existing business arrangements and regulations, this would start from the moment Brexit negotiations are triggered.
MPs were told of the fears the financial industry would face if the UK was to come out of the EU’s single market, the industry would face difficulty without the current ease of trade.
Rolet warned of the dangers of many tens of thousands of jobs moving to the EU because firms, especially foreign ones currently based within the UK would want to continue doing business under existing EU laws with the rest of Europe.
He said: “I’m not just talking about the clearing jobs themselves which number into the few thousands.”
“But the very large array of ancillary functions, whether it’s syndication, trading, treasury management, middle office, back office, risk management, software, which range into far more than just a few thousand or tens of thousands of jobs. They would then start migrating.”
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