Following the speech made by the UK Prime Minister today in Florence, Simon Lewis, Chief Executive at the Association for Financial Markets in Europe (AFME) said:

“We welcome the UK Government’s call today for a ‘time-limited implementation period’ after March 2019. We believe that transitional arrangements will be vital to give businesses, banks and investors time to adjust in order to avoid damaging cliff edge effects. They are also necessary to support the objectives of an orderly withdrawal, ensuring financial stability and the prosperity of both the EU27 and the UK.

“We urge the negotiators to reach agreement as soon as possible on the items under discussion in phase one of the negotiations in order to have clarity on transitional arrangements.”

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