In a policy document concerning Britain's exit from the European Union, HM Government has stated that it is open to allowing its banks and other financial institutions to remain ultimately subordinate to the super-regulators of that organisation.

Perhaps in a bid to prevent the European Banking Authority from leaving Canary Wharf in London, HM Governmnent has floated the policy in a paper entitled "The United Kingdom’s exit from and new partnership with the European Union," presented to Parliament by the Prime Minister by command of Her Majesty.

Point 8.42 states: "There are a number of EU agencies, such as...the European (Financial Services) Supervisory Authorities (ESAs), which have been established to support EU Member States and their citizens. These can be responsible for enforcing particular regulatory regimes, or for pooling knowledge and information sharing. As part of exit negotiations the Government will discuss with the EU and Member States our future status and arrangements with regard to these agencies."

Clause 1 of the European Union (Notification of Withdrawal) Bill, which the House of Commons passed by a huge majority (498 to 114) last week, states: (1) that the Prime Minister may notify, under article 50(2) of the Treaty of the European Union, the United Kingdom’s intention to withdraw from the EU; and (2) that the clause is to have effect despite any provision made by or under the European Communities Act 1972 or any other enactment. Premier Theresa May intends to 'press the button' by 31st March.