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Brexit could hit more than $ 50 trillion of damage to financial markets in Britain and the EU

on Tue Oct 09, 2018 2:23 pm
Due to an unresolved issue with the location of clearing companies, stock exchanges worth about £ 41 trillion ($53.5 trillion) may be in jeopardy.

It is reported by "Interfax", referring to documents of the Bank of England.

It is noted that after the final withdrawal of Britain from the EU, clearing companies operating in the EU markets, but located in Britain, will have to move to one of the EU countries, because this is required by European legislation. If this does not happen, then the stock trades conducted by these companies can be considered invalid, which will cause losses in excess of $53 trillion.

The Bank of England is currently negotiating with the EU authorities to allow European companies to work in Britain after Brexit's completion in 2019, but these negotiations are currently unsuccessful.

Earlier it was reported that Brexit costs Britain 500 million pounds a week.

Previously, it was reported that at negotiations in the Austrian city of Salzburg on the withdrawal of Britain from the EU, there was still  no  agreement on a trade agreement that will be in place upon completion of Brexit.

Earlier in the European Commission stated that the  EU and Britain will maintain close trading  after Brexit. British Prime Minister Teresa May announced he would  personally negotiate  with the EU.

Also, the Mayor of London suggests  another referendum  on Britain's withdrawal from the EU.

Recall that on July 9, Foreign Minister of the United Kingdom Boris  Johnson resigned . Johnson's decision was announced 30 minutes before Mae had to speak before Parliament about her new Brexit plan. The Brexit minister, David  Davis, also resigned  due to dissatisfaction with the results of the meeting with Prime Minister Teresa May, who discussed the exit plan with the EU. For several hours in Britain, a new Brexit minister was appointed - Dominique Raab was named  .

Johnson and Davis criticized the UK's exit plan with the EU, agreed by the British government. Queen Elizabeth II gave  royal consent to Brexit's law . This plan includes, in particular, the preservation of the free trade area with the EU:

On June 23, 2016, a referendum was held in Britain, which showed that 52% of Britons prefer to leave the European Union.

On March 29, 2017, the United Kingdom officially informed the European Union of its intention to  leave the EU by launching the Brexit procedure.  

At the talks, Britain and the EU decided to  extend  Brexit's transition to 2020. It was reported that Brexit's final  cost  for Britain could reach 55 billion euros. This amount will be paid by the country to the EU by 2064.

hromadske.ua    In Ukrainian/український
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