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‘No-Deal’ Brexit Would Cripple Financial Firms, UK Told

Some of the UK’s top financial services lawyers have told parliamentarians that leaving the EU without a trade agreement in place would leave the sector in a “dangerous position”.

Jonathan Herbst, global head of financial services at Norton Rose Fulbright, said a scenario where the UK and the EU did not reach an agreement would provide “clearly suboptimal” legal mechanisms for financial firms to retain access to the single market.

Speaking at a House of Lords select committee hearing on Wednesday, Herbst said the legal profession had to look beyond existing mechanics to something new and “at least allow policymakers new tools”.

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