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The Guardian | Brexit transition deal needed by Christmas, says Bank official

A top official at the Bank of England has warned the government it has less than 12 weeks to agree a transition deal with the EU to prevent City firms starting to move jobs and business out of the UK.

Sam Woods, a deputy governor at the Bank, said City firms would activate their Brexit contingency plans if there was no deal on a transition period by Christmas which would mitigate the impact of a hard Brexit in March 2019. Woods also repeated his warning of the strain being put on the Bank's ability to police the financial sector as a result of the changes firms needed to make.



You might find me At The Edge Of Time.
by Luis de Sousa (luis[dot]a[dot]de[dot]sousa[at]gmail[dot]com) on Thu Oct 5th, 2017 at 09:16:21 AM EST
[ Parent ]
I think it's too late. They've put in too much effort to let go now.

The banks have already committed to re-locating various parts of their organisation, they've already done the logistics and real estate hmework. Large parts of the organisation have already identified the cost savings from re-organisations, rationalisations and down-sizing. They've worked out who's going and who's being let go.

And frankly, they're many things but they're not daft. They can pretend that there were many reasons to pretend that it was business as usual in the run up to 2008, but they know, absolutely, that in March 2019 the UK economy will crash like a runaway train going round a tight bend. They know that vast swathes of their business will simply die, overnight at the stroke of midnight. Turn out the lights, we won't need them anymore.

The gig's up. The City will go from Global Player to provincial backwater. And nothing the Tories do now is going to change that. Unless they turn around and announce that invoking A50 was all some grand jest and they're all very sorry but can we go back to normal now please.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Thu Oct 5th, 2017 at 12:21:23 PM EST
[ Parent ]

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