Banks Not Forgotten as May Seeks Unprecedented Brexit Deal
- Lobbyists comforted by call for transitional implementation
- U.K. leader sends letter to EU president triggering Brexit
What Brexit Means for U.K. Banks
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Banks were encouraged that they haven’t been forgotten by Prime Minister Theresa May, who called on European Union governments to strike a “bold and ambitious” free-trade deal encompassing the financial industry as she triggered Britain’s exit from the bloc.
The prime minister highlighted the need for “implementation periods” for finance, a frequent demand for a post-Brexit transition from bankers, as she submitted a letter to EU President Donald Tusk Wednesday invoking Article 50 of the Lisbon Treaty. That formal mechanism sets the U.K. on course to leave the bloc in 2019.