A leaked document produced by Magic Circle law firms Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters has revealed that the U.K. finance industry wants the British government to allow it to remain subject to European Union laws for up to five years after Brexit.
The report, produced for a group of large banks with U.K. operations and seen by Reuters, says that such transitional arrangements are “likely essential” in order to avoid damaging a British economy that is “reliant upon uninterrupted access to financial services.”
