Brexit
UK banks call for transitional trade arrangements after #Brexit
Britain should negotiate transitional arrangements with the European Union to avoid "cliff edge" disruption to markets once the country has left the bloc, a top banking official said on Wednesday (7 September), writes Huw Jones.
Anthony Browne, chief executive of the British Bankers' Association, said there was a need for an orderly transition.
Once Britain has begun formal talks to withdraw from the EU, departure will take place after two years even if no new trade deal has been agreed, unless all EU member states agree to extend the negotiation period.
"We think there should be some form of transitional arrangements," Browne told a House of Lords committee.
This would remove uncertainty and ease pressure on banks to decide now to move operations to Europe as it would take 2-3 years or more for banks to implement such a move, Browne said.
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