Please see below for today’s update on key Brexit news items:
- A top Bank of England official has warned that around 10,000 jobs in the UK are at risk on “day one” of Brexit. Sam Woods, chief executive of the Bank’s Prudential Regulation Authority (PRA), said it was “plausible” that as many as 75,000 financial roles could be lost if no trade deal was struck with the European Union (the Telegraph).
- Britain’s election authorities are to investigate whether Arron Banks, the insurance entrepreneur, broke the law when he channelled millions of pounds to the Brexit campaign. The Electoral Commission said on Wednesday that it would investigate Mr Banks and Better for the Country Limited, a company he co-owns, for donations and loans totalling £8.4m (the Financial Times).
- A Conservative select committee chair has said that she and colleagues will be urging the government to agree to publish a series of documents outlining the potential impact of Brexit. Sarah Wollaston, the Tory MP at the helm of parliament’s health select committee, wants ministers to act before an attempt by Labour to force the release of the papers (the Guardian).
- The Bank of England has called for a specific clause in an EU withdrawal agreement to deal with the legal uncertainty hanging over vast amounts of derivative contracts and insurance policies. Sam Woods said on Wednesday that having a bilateral deal as part of the UK’s withdrawal agreement with the EU was the central bank’s preferred solution to the potential legal nightmare surrounding cross-border contracts for financial products (the Financial Times).