RBS head hopes for transitional Brexit arrangement
London — If Britain does not agree to a transitional arrangement with the EU 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 (RBS) said on Sunday. 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 to a new trade deal with the bloc to prevent a "cliff-edge" effect causing disruption. Britain suddenly breaking off from the EU would be "destabilising" for European financial markets, Howard Davies told ITV. "It is damaging if we don’t get a transitional deal because I think you will then see banks and financial institutions making decisions on the basis of uncertainty. They are currently making contingency plans and once you have got a contingency plan there is a risk you might implement it one day and therefore I think that it is quite urgent." Davies said he thought it was possible B...
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