U.K. Chancellor of the Exchequer Philip Hammond may struggle to convince regulators that they should soothe banks’ worries about Brexit’s impact on their business before the deal is final.
Britain says the two sides are “very close” to a transition agreement that would allow the status quo to continue for about two years. Hammond suggested last week that, once the deal is agreed, regulators could reassure businesses about future regulations that will govern their activities. Banks have already started moving some operations to continental Europe rather than waiting to see the outcome of the Brexit talks.