28NOV18: TREASURY PREPARES FOR NO DEAL

HMT’s new “Financial Services (Implementation of Legislation) Bill: Policy Note” sets out measures to avoid disruption in FS in the event the Withdrawal Agreement is rejected by Parliament. The note is important for two reasons: first, it implies pre-agreement with the EU27; and second, because if facilitates UK-EU alignment on FS until at least 2021 even if there is ‘no deal’.

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