How will Brexit affect financial centers of excellence?
On 29 March 2017, UK Prime Minister Theresa May officially triggered the process that will lead to the United Kingdom’s exit from the European Union. This marks the beginning of what is likely to be an indepth two-year negotiation period that will re-draw the relationship between the UK and the EU. These negotiations will be complex and touch many areas.
Speculations over the last nine months have led to talks of a hard Brexit. It has now become clear that the EU and the UK have converging interests in reaching an agreement that would minimize disruption to businesses, investors, and citizens; in May’s own words, in her letter triggering Article 50 of the EU’s Lisbon Treaty, “…. as the UK is an existing EU Member State, both sides have regulatory frameworks and standards that already match,” and this should greatly facilitate the process.
Inside magazine issue 15, June 2017
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