Need for Transitional Deal

If Britain does not agree a transitional arrangement with the European Union for the country’s finance industry, it will be damaging for the economy and the financial services sector, the chairman of Royal Bank of Scotland said on Sunday, Reuters reported. The country’s finance sector has been lobbying for an agreement designed to cover the gap between Britain completing its exit talks with the EU and agreeing a new trade deal with the bloc to prevent a “cliff edge” effect causing disruption. Britain suddenly breaking off from the EU would be “destabilizing” for European financial markets, Howard Davies told ITV.