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UK Finance Minister Hammond says it's time for Parliament to 'make up its mind' on Brexit

Key Points
  • Hammond says Britain must ratify its divorce deal with the EU to maintain its place as a hub for fintech.
  • The government was granted a six-month reprieve earlier this month to find more time to reach a breakthrough.
  • So far, Prime Minister Theresa May's deal has been rejected thrice by lawmakers.
Dan Kitwood | Getty Images

U.K. Finance Minister Philip Hammond called on lawmakers to put aside their differences and agree to a Brexit deal Tuesday, saying ongoing uncertainty around the withdrawal process is "bad for business."

In a speech showcasing the attractiveness of Britain's fintech, or financial technology industry, Hammond said Britain must ratify its divorce deal with the EU to maintain its place as a hub for the sector.

"The question for us is how to maintain our advantage in fintech in an increasingly competitive and globalized world," he said Tuesday. "Immediately key to doing so is ensuring we ratify the Brexit deal with the European Union."

He added: "Essentially it is time for Parliament to make up its mind. We are reaching out across the house to try and build the majority we need."

Britain has been in something of a Brexit inertia of late, with the government being granted a six-month reprieve earlier this month from the EU to find more time to reach a breakthrough.

The country has until October 31 to reach a majority on its withdrawal agreement in Parliament. So far, Prime Minister Theresa May's deal has been rejected thrice by lawmakers.