The HSBC headquarters is seen in the Canary Wharf financial district in east London, Britain in this Feb. 15, 2016 photo. REUTERS/Hannah McKay
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Large banks in Britain want the U.K. government to allow their industry to remain subject to EU laws for up to five years after Brexit, a move likely to enrage euroskeptics who want to break away from the bloc's legal system as soon as possible. The banks – international players – are also pressing the government to allow the European Court of Justice to rule on decisions related to their businesses during that period, according to a document reviewed by Reuters.It has the support of major banks, has been shared with the Treasury and is the most detailed request yet by Britain's financial industry for a transitional period to give it longer to adapt to Brexit, bankers said.The Treasury declined to comment on the document.The document warns of the potential shock to the British and European economy from a loss of critical financial services if banks do not secure a transition phase beyond the two-year withdrawal period that will begin when the government invokes Article 50 of the EU's Lisbon Treaty.It says for any transitional deal to be accepted it would require the British government to accept EU law in financial services for the duration of any deal.
FOLLOW THIS ARTICLE