UK banks want time to adjust to Brexit reality
Published 08/09/2016 | 02:30
Britain should negotiate transition arrangements with the European Union to avoid "cliff edge" disruption to financial markets, a top British banking official said yesterday.
Once formal talks to withdraw from the EU begin, the country will have just two years to hammer out a deal - unless every EU member agrees to extend the negotiation period.
Anthony Browne, chief executive of the powerful British Bankers' Association, said UK-based lenders are in a "wait and see mode" but unless a transition framework is put in place banks would soon have to decide whether to move operations to Europe, as such shifts could take years to implement.