Brexit transition deal was 'a timely one-year anniversary gift' but longer-term concerns remain for the City

Report predicts market consequences of hard Brexit

On the first anniversary of Prime Minister Theresa May signing Article 50, triggering a two-year process for the UK to leave the European Union on 29 March 2019, a recent agreement on a transition deal has eased concerns about the immediate impact of the split but longer-term issues remain.

However, a new report from the Economist Intelligence Unit (EIU) has warned about the longer-term effect on the UK financial services sector as a result of the country's divorce from the bloc, while a hard Brexit could have serious implications for growth and prosperity over the coming years. Bank of England warns Brexit remains 'material risk' to financial system Some of the uncertainty for businesses concerning Brexit was reduced last month when a deal was agreed, enabling a 21-month transition period after the UK is scheduled to leave, meaning current laws and regulations will cont...