Europe says Brexit transition must end in 2020

21 December, 2017, 01:29 | Author: Marjorie Miles
  • Boris Johnson leaves the Cabinet Brexit committee meeting

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.

European banks offering wholesale finance, money and services provided to businesses and each other, would be able to continue operating through branches without having to go through the expensive process of creating subsidiaries, the BBC said, without citing sources.

The transition period would amount to three months less than what Britain initially sought but the date dovetails with the beginning of a new multiannual budget which would leave Britain totally out of it.

There are 77 branches of banks from the European Economic Area in Britain - 23 of which have assets of around or above 15 billion pounds - plus 80 branches of insurers.

The central bank now requires foreign banks from outside the European Union, which hold a "material" amount of United Kingdom retail deposits, to operate through subsidiaries, and said the approach could be extended to insurers, based on the size of the business.

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

It could also hurt public finances, as Britain collects over 70 billion pounds a year in tax from the financial services sector.

Branches offer an easy way for banks to move money around their global operations.

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Meanwhile, Britain won't have a say in any new European Union rules.

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.

Chancellor Philip Hammond said: "I am confident that we will agree a deep and special partnership for the future with the EU27 and that we will soon finalise the terms of an implementation period that will ā€ˇprovide continuity as we move to that new partnership".

On top of that, Barnier said that "all new rules adopted by the European Union during the transition will be applied to the United Kingdom", with the EU's highest court continuing to have authority.

The Prime Minister said she was working to get a full deal negotiated before Brexit day, but acknowledged it can not be signed until after the UK's withdrawal, expected on March 29 2019.

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

The same rules do not apply to branches of foreign banks.


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