UK Finance, a trade association representing about 300 lending, finance and banking businesses in Britain, has welcomed Prime Minister May’s announcement of a transitional period for the UK after Brexit.

Following Theresa May’s speech in Florence, Italy earlier on Friday, Stephen Jones, chief executive officer, said: “Today the Prime Minister acknowledged the importance of a period of adaptation to provide businesses with a clear line of sight on the new arrangements based on mutually acceptable high regulatory standards and an appropriate mechanism to resolve disputes.

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“Early agreement on transitional arrangements is essential for a good outcome for businesses and customers in the UK and across the EU. Both EU and UK Customers rely on the UK for domestic capital raising, cross-border financing, and trade and risk management.

“Ensuring continuity is key to maintaining services while limiting damaging impacts for customers on both sides of the Channel. For a transitional period to be of any benefit, it’s essential that both the UK and EU agree arrangements as soon as possible.”

In a key speech, May conceded that an “implementation period” of two years would be needed after the UK officially departs from the EU in March 2019, during which “access to one another’s markets should continue on current terms”.

Earlier in September, UK Finance, together with the Association for Financial Markets in Europe (AFME), published a paper calling for a transitional agreement on cross-border financial services to be implemented in the immediate aftermath of Brexit.

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UK Finance was launched in July this year, after the Asset Based Finance Association, British Bankers’ Association, Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association merged into a single body.