Banks Likely to Keep EU Access During Transition, U.K. Says
- David Davis says aiming for outline transition deal in 1Q
- Davis: Bankers should read positive Brexit ‘body language’
Davis Says Passporting Likely to Continue Through Brexit
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Passporting arrangements for financial services are likely to continue during the Brexit transition phase, the U.K. government said in a move intended to reassure companies considering whether to move operations out of the country.
Brexit Secretary David Davis said he expects financial-services firms to keep their existing passporting rights -- which allow London-based lenders and insurance companies to sell their services anywhere in the European Union’s single market -- during a two-year bridging period after March 2019.