The UK is due to leave the European Union on March 29, 2019, although it is proposed there is a transitional period for 18 months-2 years after that whereby the UK effectively remains within the EU for the purposes of financial institutions.

However, the EU mantra of “nothing is agreed until everything is agreed” and the fact that agreements made in phase one, including any political commitment to transitional arrangements, are not truly binding means the final deal is likely to hang in the balance for some time to come.