Brexit transition agreement a major step forward, says TheCityUK

Following formal approval of the Brexit withdrawal agreement between the UK and the European Council, including an transition period, Miles Celic, Chief Executive Officer, TheCityUK, said,

Businesses and customers across Europe are breathing a sigh of relief as the shadow of uncertainty is pushed back to the end of 2020. This agreement was not easy. It is a major step forward, and is a testament to the fact that where there is a political will, there is a way forward.

“As a highly regulated industry, we now need supervisors across Europe to take this as the green light to start preparing for the transition. Firms don’t want to take unnecessary and costly actions to prepare for an outcome that might never materialise. Regulators, guided by the strong political agreement, should grant firms time to wait and see what the final deal will look like before they must take further contingency action.

“We are into the final months of negotiation, yet there are still many critical issues which need to be addressed before we reach the Brexit finish line. Decisions made now will shape the future competitiveness of Europe – which is set against a backdrop of increased competition globally. It is vital leaders in Brussels and across the EU don’t lose sight of our shared economic goals in the weeks ahead.”