The Bank of England demanding the European Union to do more to protect cross-border financial services from the risks of the so-called cliff-edge Brexit, saying the need for action has become urgent six months before the final date.
The Bank of England believes there are risks to insurance, derivatives and data transfers to companies operating across borders. So far, Britain has not agreed with the EU on the terms of exit and their new relationship.
The Bank of England's fiscal policy committee said in a statement published today that there was significant progress by Britain to address those risks, but there was limited progress on the part of the EU.
