Brexit transition by end of 2020 — European Union negotiator

21 December, 2017, 01:27 | Author: Jason Torres
  • Theresa May has gathered her Brexit'war Cabinet to hammer out a vision of what'end state they want to achieve

Catherine McGuinness, policy chairwoman of the City of London Corporation, ...

Deputy Governor Sam Woods said cooperation had worked well to date.

"The transition period is useful and will enable the public administration in Britain to prepare themselves for the kind of challenges they will have to face", Barnier said at a press conference in Brussels while presenting the EU's formal position on the transition. More than 100 banks operating in London are branches of lenders headquartered elsewhere in the EU.

Financial services account for a large proportion of the United Kingdom economy and generate billions in tax for the Government.

European investment banks that have made their home in the City will not have to set up new subsidiaries post-Brexit under a concession expected by the Bank of England this afternoon.

However, the process of setting up subsidiaries is extremely costly.

That is on top of 110 foreign insurance branches, with 80 from the EEA. France's BNP Paribas and Societe Generale have 6,500 and 4,000.

Europe-based banks operate in Britain through a network of branches, which offer an easy way to move money around a lender's worldwide business, although they can also leave British customers exposed.

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Both players' contracts expire at the end of the season and various reports have surfaced regarding what their plans are. But Wenger feels Ozil is now playing the best football he has seen from the World Cup victor since he joined.

The BoE's Carney sounded upbeat about prospects of a deal, saying the financial services sectors on both sides of the English Channel had a lot in common already.

"The pressure we have seen against sterling today is largely reflecting remaining uncertainties around Brexit negotiations", said Alexandra Russell-Oliver, a strategist at Caxton FX.

London vies with NY as the world's financial capital.

But the veteran French politician warned that Britain would have to stick to European Union laws throughout the transition period, even new ones passed after it had left the bloc, and obey rules on free movement. The EU has proposed that, as a last resort, clearing of euro denominated derivatives done mainly in London should move to the euro zone after Brexit.

But she looks set to avoid a second rebellion over plans to enshrine Brexit day in law, by offering some flexibility to move the date - March 29, 2019 - if negotiations with the European Union go down to the wire.

The BoE plans to start reauthorizing the branches of up to 200 EEA financial firms in Britain in early 2018.

He underlined that while Britain officially leaves in late March 2019, all this should be completed by fall.

From March 2019, the European Union wants to ensure that its rules apply during any interim period.


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