United Kingdom and Europe must agree on a Brexit transition deal by Christmas or risk banks triggering their contingency plans, the Bank of England has warned. Deputy governor Sam Woods said that while the UK is committed to a implementation period, the EU's position is not yet clear.
The UK has abandoned the idea of having its Brexit “cake and eating it”, European Council president Donald Tusk has said. Mr. Tusk made the comments after Downing Street talks with Prime Minister Theresa May on Britain’s EU withdrawal.