Thursday 27 October 2016 1:35 pm

The House of Commons will debate Brexit and the City next week after two Labour backbenchers secured a three hour slot


Mark Sands is City A.M's political reporter.

Mark Sands is City A.M's political reporter.

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Two Labour MPs have secured time for a House of Commons debate next week on the impact of Brexit on financial and professional services firms.

Backbenchers Liz Kendall and Chris Leslie have been granted three hours next Thursday to discuss the future of the City after quitting the EU.

Kendall was a contender in Labour's leadership contest in 2015, while Leslie served as shadow chancellor after Labour's general election defeat last year.

Read More: Brexit watchdog chair says EU free trade deal is "very likely", eventually

It comes as Labour's current shadow chancellor John McDonnell hits out at Theresa May for a so-called “Banker's Brexit”, arguing that the City should not be given special protections as the UK departs the EU.

Speaking in London's Institute of Mechanical Engineers earlier today, McDonnell accused the government of "looking to cook up special deals for their friends in the City of London".

"They want a “Bankers’ Brexit”, in the interests of an elite few, not the majority. They’ll be willing to cut a deal for finance, but ignore our small businesses and manufacturers," McDonnell said.

Read More: John McDonnell has just taken a swipe at the City over passporting

But speaking to City A.M. Leslie said such an approach does not reflect the importance of the City in the UK's economy.


“Brexit is incredibly challenging for lots of different sectors, but financial services has 2m employees and brings in £66bn of revenues for public services like the NHS.

“We have to bat for Britain, but that includes speaking up for the financial services sector which could easily move off not just to Frankfurt and Paris, but to New York and Singapore if we don't get passporting rights to trade in those 27 European countries,” Leslie said.

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