Tuesday 12 December 2017

UK banks want time to adjust to Brexit reality

Huw Jones and Andrew MacAskill

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.

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