Attention will now turn to consideration of the potential alternative structures for our relationship with the EU.
Several scenarios have already been sketched out based on the existing arrangements of other counties who are not formally part of the EU but who have close ties or special arrangements, such as Norway, Switzerland or Turkey. Such scenarios would involve not only trade agreements, but many other aspects of international relations such as legal and regulatory frameworks, immigration controls and potential contributions to the EU fiscal budget.
The coming weeks will bring a great deal of questioning and debate, but there will be no change to Lloyds Banking Group’s determination to put the needs of their clients first and help Britain prosper. As more information becomes available and we develop a clearer picture of the UK’s future relationship with Europe, we will endeavour to provide our clients with timely updates. Our attention will focus on the mechanical and technical aspects of renegotation to aid business planning.
Following the EU Referendum, Lloyds Banking Group plc (the Group) notes the outcome that the UK electorate has voted in favour of the UK leaving the European Union (EU).
We remain committed to our purpose of helping Britain prosper through our focus on UK retail and commercial banking, funding business investment, and serving the financial needs of our customers to support them throughout this period and beyond.
There are no changes in the products or services offered to customers, either in the UK or overseas. Customers can continue to use our banking and insurance services as they did before. Customer deposits in the UK continue to be protected by the Financial Services Compensation Scheme; and the Prudential Regulation Authority and Financial Conduct Authority remain our primary regulators.
With the expected timescales for the negotiations, the Group will have time to consider any future changes that may be required in the new environment.
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