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Any Temporary Transition Period For UK After The EU Should Not Continue Beyond December 2020 – Barnier

Any Temporary Transition Period For UK After The EU Should Not Continue Beyond December 2020 – Barnier

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Michel Barnier, the EU’s chief Brexit negotiator, said any temporary transition period for the UK after it leaves the EU should not continue beyond December 2020, as he set out plans for how Brussels will handle the next phase of negotiations. The BBC said the Bank of England would allow European banks to operate as normal in the UK after Brexit — even if no trade deal was reached between the two separating partners. Investment banks in Britain will have to stick closely to EU rules on issues such as bonus caps. The IMF warned of the Brexit hit to the economy.