UK warns banks and traders of 'no-deal' Brexit hit to payments, securities law

23 August 2018 5:35pm
Dominic Raab, UK Brexit secretary, described the implications for financial services and other industries today, to help prepare for what a policy paper called the “unlikely” risk of a departure next March with no accord on future relations.

“A ‘no deal’ scenario remains unlikely given the mutual interests of the UK and the EU in securing a negotiated outcome,” the paper said (read it here and Raab’s speech here). “However, it’s our duty as a responsible government to prepare for all eventualities.”

The government also sought to give assurance that business will get breathing room to carry on under the status quo until the end of 2020 — despite the difficulty of talks with the EU over the precondition of avoiding a border on the island of Ireland.

“At this stage, firms should continue to plan on the basis that an implementation will be in place from March 2019 to December 2020,” the document said.