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Q: How will transition to new free trade........>

BOE
BOE: Q: How will transition to new free trade agreement affect financial
services and how big an impact will this have to the UK/EU economy?
- A: An abrupt cessation of services would be notable. BoE assumes automatic
passporting rights are lost as of Jan 1st 2021. This is part of the adjustment
in productivity/growth numbers. It is in the forecast that equivalence is
granted, which mitigates risks. If equivalence not granted, would have a bigger
downside impact. Talks up big impact if equivalence not granted and
euro-denominated rates derivatives have to be repatriated to UK. This will, of
course, be determined by negotiations between EU/UK.

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