Uncertainty is mounting over Prime Minister Theresa May’s ability to secure parliamentary support for her Brexit plan, but the UK’s top financial regulator has warned that a rumoured “Plan B” option would leave the financial services as a passive recipient of new regulation.
May is confident of clinching a parliamentary majority for her proposal, which features a two-year transition period in which a trade agreement encompassing financial services would be negotiated.
However, the sheer weight of opposition MPs, her junior coalition partner the Democratic Unionist Party (DUP) and a vast chunk of government lawmakers opposing the plan has cast doubt on her prospects.
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