EU Tells London: Financiers Are On Their Own Without A Brexit Deal
According to Reuters, With just 100 days until Brexit, the EU’s executive cautioned that most banking, insurance and other financial firms in Britain would be cut off from the European Union if there is no divorce deal.
Prime Minister Theresa May’s failure to find a deal the British parliament will approve means the world’s fifth largest economy now faces three main choices: agreeing a last-minute deal, halting Brexit or leaving the EU without a deal.
No deal means there would be no transition so the exit, set in law as 2300 GMT on March 29, would be abrupt.
Bank of England Governor Mark Carney said leaving the EU with no transition could be akin to the 1970s oil shock.