Sam Woods, a deputy governor at the Bank of England, said City firms would become more complicated as a result of the restructuring Brexit would force them to undertake [Image: Jonathan Brady/PA].

A top official at the Bank of England has warned the government it has less than 12 weeks to agree a transition deal with the EU to prevent City firms starting to move jobs and business out of the UK.

Sam Woods, a deputy governor at the Bank, said City firms would activate their Brexit contingency plans if there was no deal on a transition period by Christmas which would mitigate the impact of a hard Brexit in March 2019. Woods also repeated his warning of the strain being put on the Bank’s ability to police the financial sector as a result of the changes firms needed to make.

In an annual speech to an audience of financiers at London’s Mansion House, Woods said City firms would become more complicated as a result of the restructuring they would need to undertake.

Source: EU transition deal is needed quickly to stop City firms leaving UK, says Bank official | Politics | The Guardian


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