Business as usual for European Union banks after Brexit

British Prime Minister Theresa May arriving for an EU summit in Brussels on December 14

The House of Commons will hold its eighth and final day of detailed scrutiny of the EU (Withdrawal) Bill, which would formally end Britain's membership of the bloc and transfer EU rules into British law.

In a move to allay fears of a pledge for "regularity alignment" with the European Union in the divorce bill, the Prime Minister said she wants "a deal which secures the best possible trading terms with the European Union, enables the United Kingdom to set rules that are right for our situation, and facilitates ambitious third country trade deals".

Chief EU negotiator Michel Barnier clarifies that the transition period will not be an "a la carte" for Britain to choose from.

The Bank of England is reportedly set to unveil plans to allow European banks in Britain to continue to operate as normal after Brexit.

"The transition period is useful and will enable Britain to get prepared for the kind of challenges that they will have to face, and to prepare also for the complications of the new relationship", Barnier told a press conference in Brussels as he unveiled new Brexit negotiating guidelines.

British Prime Minister Theresa May told parliament her plan on Monday for a Brexit transition period with broadly the same access to European Union markets was met with scepticism from pro-Brexit lawmakers fearful of a watered-down European Union exit. But it should be over by the end of December 2020.

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Barnier appeared to throw the Brexiteers a bone on one of their key issues, however, saying that while Britain would be excluded from talks on fishing quotas during the transition, there would be "specific procedural arrangements" to give it a voice.

Mrs May told the Cabinet she was seeking "a significantly more ambitious deal than the EU's agreement with Canada", her spokesman said.

In response to Barnier's warnings to the City, Carney said: "I don't accept the argument that just because it hasn't been done in the past, it can't be done in the future".

They were still outnumbered by the 230,000 European Union citizens who arrived to live in Britain in the same period, although that figure was down 19 percent on the previous year.

The cut-off date for the transition phase is contained in the EU's guidelines for the next phase of Brexit negotiations.

May has already accepted in theory the continued jurisdiction of the ECJ and that London will have no legal basis to conclude its own trade deals during the period. "It doesn't exist. In leaving the single market, they lose the financial services passport".

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