Financial Sector Firms Should Be Offered Brexit Bridge

Just three months are left by when British Prime Minister had earlier promised to be initiating Article 50, the withdrawing process of United Kingdom from European Union.

Amid such wait a cross-party group of peers have urged May to offer a Brexit “bridge” to help retain the country’s financial sector instead of forcing them to move to rival locations like Frankfurt, Paris, Dublin or New York.

The group has strongly urged May government to take steps in stopping business from tumbling off a “cliff edge.”

Meanwhile, May is busy preparing to meet other 27 leaders of the EU bloc at a summit in Brussels Thursday evening where the top agenda would be related to defence, migration, foreign affairs and economy.

She will also be holding bilateral meetings with EU Parliament president and leaders of Latvia and Lithuania.

Earlier, a report released by former Group Chief Economist at Royal Bank of Scotland, Jeremy Peat, and former head of industry body Scottish Financial Enterprise, Owen Kelly, revealed Scotland’s financial services highly relies on British customers and hence post Brexit the industry may not enjoy the same smoothness than what it is now if Scottish independence becomes a reality.

May had recently also warned UK would be losing 4.5 percent by 2030 in GDP following exit from EU customs union.

Meanwhile, post-US presidential election experts believe a free-trade agreement with Britain after Brexit process would be good for the two nations. It is also not to forget US President-elect Donald Trump is in favour of high-economy countries like UK.