"We will keep under review what is the best way of advocating our position – be that in private discussions with the EU, speeches, or a formal position paper""
A spokesperson for Britain’s Department for Exiting the European Union instead said: "We will keep under review what is the best way of advocating our position – be that in private discussions with the EU, speeches, or a formal position paper."
A spokesperson for Theresa May told reporters: “We always let you know in the normal way if there is to be one.”
City figures had been expecting a paper setting out negotiating priorities and plans. Nicky Morgan, Chair of the Treasury Committee, says failure to publish financial services position paper will leave firms "seriously concerned at the chronic state of uncertainty".
Nicky Morgan MP, Chair of the Treasury Committee, said: “The failure to publish a position paper on financial services sends all the wrong signals.
“Financial services will be one of the most challenging elements of the Brexit negotiations. A paper articulating a clear sense of direction, and a desired end-state, could have boosted confidence that the Government is up to the task.
“Some level of clarity has been provided for numerous sectors. Financial services firms will be seriously concerned at the chronic state of uncertainty.”
Sam Woods, CEO of the Prudential Regulation Authority, warned last October that if no Brexit transition deal was agreed by Christmas, banks and financial firms could begin leaving the UK.
In a Mansion House speech, Woods said: "If we get to Christmas and the negotiations have not reached any agreement on this topic, diminishing marginal returns will kick in. Firms would start discounting the likelihood of a transition in the central case of their planning."
