Britain will keep European Union market access during transition - Barnier

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The Bank of England will on Wednesday unveil plans to allow European banks to operate in United Kingdom as normal post-Brexit, even in a "no deal" scenario, the BBC reported.

The decision, due to be made public at 1pm today, would mean European banks offering wholesale services would not face new hurdles to operating in London, which vies with NY for the title of the world's financial capital.

Talks on a transition period are due to start in January after a green light from European Union ministers, with Britain hoping for an agreement on the main principles by March.

That is on top of 110 foreign insurance branches, with 80 from the EEA. More than 100 banks operating in London are branches of lenders headquartered elsewhere in the EU.

Catherine McGuinness, policy chairwoman of the City of London Corporation, ...

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Earlier on Wednesday, a survey showing fewer British employers plan to hire extra staff next year due to one of the gloomiest economic outlooks since the vote for Brexit in June 2016 had little impact on the pound. France's BNP Paribas and Societe Generale have 6,500 and 4,000.

The development comes after European Union leaders last week signed off on the first stage of Brexit negotiations ending more than a year of stalemate over Britain's bill for leaving the bloc, as well the fate of the Irish border and European Union migrants.

The BoE's Carney sounded upbeat about prospects of a deal, saying the financial services sectors on both sides of the English Channel had a lot in common already.

Given the potential pitfalls, "although May will be reluctant to extend Article 50 negotiations or the length of the transition. there is a significant probability she will have to", said analyst Rahman.

London vies with NY as the world's financial capital.

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But other European Union capitals see Brexit as an opportunity to grab new business. The EU has proposed that, as a last resort, clearing of euro denominated derivatives done mainly in London should move to the euro zone after Brexit.

These would see Britain observe the bloc's rules and regulations following the Brexit date in March 2019 while having no influence over them.

He underlined that while Britain officially leaves in late March 2019, all this should be completed by fall.

More importantly, however, allowing EU banks to keep their branches open will boost UK exports, as the services sold by the UK branch of a European bank to a third party count as UK exports.

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