The Brexit Conundrum: What to Do With Financial Services?

At the European Council summit held at Brussels during December 14-15, 2017, the EU leaders formally approved negotiating guidelines to move to the second phase of Brexit negotiations after confirming “sufficient progress” had been achieved in the first phase of negotiations. On December 8, the UK and the European Union reached a withdrawal deal concerning three key issues – citizens’ rights, the Northern Irish border and the payment of what Britain owes the European Union (the “divorce bill”).
After failing to make headway on Brexit negotiations for nearly eight months, the UK government entirely accepted what the EU had demanded in the first phase thereby…