Banks must prepare for “Brexit without agreement”

Banks must prepare for

© Supplied by La Tribune

The institution’s statement comes after Sky News television revealed earlier that Bank of England Governor Andrew Bailey contacted several bank executives on Tuesday to request that they speed up their preparations for a “no deal”.

“The governor meets very regularly with the heads of British banks,” soberly commented on the Bank of England.

Negotiations between London and Brussels resumed Tuesday, with little hope of a breakthrough and while the gap remains wide between the two parties and the transition period expires at the end of December. An exit without a deal is often seen by the business community as the grim scenario for the UK economy.

Also read: Brexit: negotiations deadlocked, the tone rises

Architecture of the agreement (one or more), conditions of fair competition (on environmental, social, tax standards), settlement of disputes and access rights of fishermen to British waters are among the main subjects of contention.

A balance sheet of the discussions is to be drawn up in June during a meeting at the highest level between the President of the European Commission Ursula von der Leyen, that of the European Council Charles Michel, and the British Prime Minister Boris Johnson.

London had made this milestone a deadline by threatening not to continue talks if progress was not enough. But that was before the shock caused by the pandemic, which plunged the Old Continent into a historic recession.

Also read: Post-Brexit negotiations at a turning point


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