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Many banks have said they will not be able to rely on such apolitical deal as it will not be formally ratified bygovernments until the autumn and any deal could collapse ifthere is domestic political upheaval in the months before
In a letter to banks, the BoE sought to reassure companiesthat they can rely on the transition period to ease theiradjustment to Brexit.
Companies will be able "to plan that they will be able tocontinue undertaking these activities during the implementationperiod in much the same way as now," the BoE said.
It remains to be seen if European financial regulators willsay that British banks that do business in the bloc can use thetransition deal to take more time to get clearance for theiroperations in the EU.
Currently, banks such as
The BoE said the government has committed to introducelegislation to allow firms to continue their activities for alimited period after leaving the the EU.
In the unlilkely event that the withdrawal deal is notratified this will provide a back-stop for companies to continuetheir operations, the BoE said.
Earlier this month,
