Brexit Threat to Banks Grows With Gulf Between U.K. and EU

Brexit Threat to Banks Grows With Gulf Between U.K. and EU

With seven months until Britain leaves the EU's single market and customs union, the gulf between the two sides widened this week after U.K. published its draft agreement that stands in stark contrast to the EU's long-held positions.. Lenders are planning for a future without a deal in place that would allow financial business to flow between the U.K. and the EU.. Catherine McGuinness, policy chair for the City of London Corp., which administers London's financial district, said the timetable for agreeing a post-Brexit deal is "becoming more ambitious.". The EU has said for years that it has sole power to grant the equivalence needed for firms such as investment banks to continue handling European business out of London..