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Nicky Morgan requests assessment of City's readiness for hard Brexit

New Treasury select committee chair makes request to Bank of England and also asks its view on format of a transition deal

The Conservative MP Nicky Morgan has asked the Bank of England to provide comprehensive details of the City’s readiness for a hard Brexit, in an early indication of the agenda she hopes to pursue as head of one of parliament’s most influential committees.

The newly elected chair of the Treasury select committee also called on the Bank to provide its views on what a Brexit transition deal should look like to minimise damage to the City. An analysis by the consultancy firm Oliver Wyman calculated that up to 40,000 jobs in the wholesale banking sector – which provides services to companies – could be at risk.

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