Pauline McNeill MSP

New STATUS posted

With some interesting statements being made about Brexit and its potential impact on the banking sector this week, I submitted the following motion;

Motion S5M-03379: Pauline McNeill, Glasgow, Scottish Labour, Date Lodged: 12/01/2017
The Impact of Brexit on the Banking Sector
That the Parliament notes with concern the reported comments regarding Brexit made by the Group Chairman of HSBC, Douglas Flint, that “the ecosystem in London is a bit like a Jenga tower: you don’t know if you pull one small piece out whether nothing happens or whether it has a more dramatic impact”; understands that Mr Flint was referring to a so-called hard Brexit and its possible consequences on the hundreds of thousands of jobs in the banking sector; believes that, as HSBC is the largest bank operating in the UK, its chairman describing the financial services industry as a "Jenga tower" is significant as this indicates an unacceptable level of fragility in a hugely important sector, and urges the UK Government to provide greater certainty for business with regard to Brexit and to make efforts to ensure that the financial services industry is not one step away from collapsing.

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