With the Brexit talks between the EU and the UK reaching an impasse, Bank of England governor Andrew Bailey has reportedly phoned the CEOs of large UK lenders on June 2, warning them to prepare for a ‘no deal’ outcome.
According to UK TV channel Sky News, Mr Bailey told the bank heads to accelerate their planning for the UK to leave the transition arrangements with the EU on December 31 2020, with trade now more likely to be conducted on World Trade Organization (WTO) terms. However, the WTO makes few provisions for services.
