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TheCityUK warns on dangers of transition delay

TheCityUK has called on the government to progress the Brexit transitional arrangements as quickly as possible, before firms have to implement their contingency plans because they cannot wait any longer. The paper stresses what is at stake for both the UK and the EU, and calls for an early agreement on transitional arrangements which should be as close as possible to the current situation. It says firms cannot be expected to move twice or adapt quickly to two major changes in a short period. It stresses that the arrangements must cater for new as well as existing business and ensure contract continuity. Finally, the paper acknowledges that ultimately the UK must be in control of its domestic legislation but says the transitional period has to be long enough to allow for the creation of the post-Brexit relationship and the regulatory framework that surrounds it.

Emma Radmore