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BoE will prepare City companies for Brexit

Monday, Nov 28 2016
BoE will prepare City companies for Brexit

The Bank of England is pushing ahead with plans for transitional arrangements after Brexit negotiations in an attempt to protect financial institutions from a cliff edge deal that could undermine their stability. Governor Mark Carney has met senior figures in the City to stress the need for a smooth path out of the European Union that maintains its stature and strong links with the continent. The meetings followed his submissions to the Treasury select committee that outlined his view that banks and other financial institutions would need to be given time to put new rules in place after a deal had been struck with Brussels.

The Confederation of British Industry and the British Bankers Association have lobbied No 10 and No 11 to impress on the prime minister and chancellor that transition arrangements would be needed or firms could face a barrage of new tariffs and trading relationships. Banks are concerned “passporting” agreements that allow transactions to flow across border uninterrupted could be scrapped or modified as part of the Brexit negotiations, denying them easy access to customers inside the single market. Brexit supporters cast Carney as a member of an elite that will campaign behind the scenes be placing administrative roadblocks in the way of a quick exit.

 

Sterling is currently being traded around 1.2430 area. Pair is likely to find support around 1.2380 level and resistance near 1.25 handle.

 

Source: Guardian

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