Treasury readying Brexit contingency plans for finance industry

LONDON (Reuters) – The Treasury said on Thursday it would soon start putting contingency arrangements in place for financial services regulation if the country crashes out of the European Union without a deal.

FILE PHOTO: The Canary Wharf financial district is reflected in the river Thames on a sunny morning in London, Britain, May 8, 2018. REUTERS/Hannah McKay

The Treasury said that firms should still continue to plan for a transition phase of just under two years, which will come into force when Britain leaves the EU in March 2019 as long as the two sides agree a deal. However, it said it was also preparing in case that did not happen.

“The government will ensure a workable legal regime is in operation whatever the outcome of negotiations,” the Treasury said in a document outlining its approach to financial services legislation throughout Brexit.

The plan for a no-deal s

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