European Union says Brexit transition should last to end

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Britain's transition period out of the European Union must end by 2021, the EU's chief Brexit negotiator has said.

By allowing branches of European Union banks in London to be supervised by their home regulator, Britain will be hoping the bloc would in return allow euro clearing - and thus thousands of trading-related jobs - to remain in Britain.

The Bank's plans mean that European institutions will not need to convert their United Kingdom branches into subsidiaries - a move that will ease the burden for the financial services industry, which has urged negotiators to strike a cross-border deal.

Brexit Secretary David Davis is on record as saying he wants Britain's free trade deal to be "Canada plus plus" and include financial services.

Once agreed, negotiations can then move on to future relations for the longer term, with Britain hoping to complete a trade deal as early as possible.

This means a transition period of 21 months from the end of the Article 50 expiry on March 29th 2019 until the United Kingdom is fully out of the European Union on the first day of 2021.

The Prime Minister on Monday insisted that the United Kingdom can still have a "bespoke" trade deal.

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The central bank said it made the decision on the assumption that a "high degree of supervisory co-operation with the EU" would continue after Britain leaves the bloc.

Leading conservative lawmaker Jacob Rees-Mogg slammed this demand as "rather hostile", leaving the United Kingdom "no more than a vassal state, a colony, a serf of the European Union".

Brussels meanwhile has repeatedly warned Britain that it can not expect to leave the EU's single market and customs union, and maintain all its benefits.

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.

The next phase comes as Barnier ruffled feathers in London on Tuesday with a warning that any ties after Brexit would inevitably result in Britain's financial companies losing full rights to trade across the bloc.

This was a outcome of "the red lines that the British have chosen themselves". It said in a statement, "The FCA welcomes the progress that has been made and is supportive of open markets and free trade in financial services underpinned by strong regulatory standards".