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BOE says Brexit deal must be reached by year end

Oct 05, 2017, 6:43 AM EDT
(Source: George Rex/flickr)
(Source: George Rex/flickr)

Sam Wood, Deputy Governor at the Bank of England, has warned that the U.K. and Europe must reach a transition deal by Christmas, failing which might force financial firms to rush into disorderly shift of operations.

During an address at the annual Mansion House City banquet in London, the official also outlined the complexities that would rise in the wake of restructuring by firms, writes the BBC.

Commenting on British Prime Minister Theresa May’s recent speech in which she vowed to extract a transition period of "about" two years after Brexit, Woods said the pledge was “too little, too late,” for some big investment banks, notes Bloomberg

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