Brexit transition 'should end by 2021', European Union negotiator Barnier says

Britain's Prime Minister Theresa May arrives to attend the Eastern Partnership summit at the European Council Headquarters in Brussels Belg

For example, in the event of a financial crisis, an European Union lender would swiftly redirect funds to the country in which it is based, consequently leaving UK-based customers out of pocket.

Barnier will table his proposals to the college of commissioners, which unites representatives from the 28 member states and the European Commission, the EU's executive arm.

The cabinet did not discuss the stance of European Commission chief negotiator Michel Barnier whose vision of a trade agreement similar to that struck with Canada in 2016 differs sharply from Mrs May's demand for a bespoke United Kingdom deal delivering a "deep and special partnership".

It would also be subject to the European Court of Justice, while playing no role in decision-making in the bloc during the transition period lasting from the day Britain leaves the union on March 29, 2019.

"There is no place" for giving Britain's financial services full access to the European Union market, he told a number of newspapers, including Britain's The Guardian.

Subsidiaries in the United Kingdom stand as separate legal entities and are required to hold large capital reserves in case of a market crash, which is meant to stop them from pulling out in such an event and taking customers' funds with them.

The BoE had previously said it would let banks know before the end of the year whether these branches must reapply for branch licences to operate after Brexit, or would need to be turned into subsidiaries, an option Boston Consulting Group has said could cost banks up to 40 billion euros.

An exodus would subsequently hit government coffers, as financial services account for a large proportion of the United Kingdom economy and generate billions in tax, and potentially put thousands of jobs on the line. Earlier this year, Deutsche Bank, which employs approximately 9,000 people in Britain, estimated it could face costs amounting to billions of dollars to create a UK-based subsidiary.

Europe has set a target date for when Brexit will really hit.

The Bank of England (BoE) will be unveilling plans today allowing European banks to operate in the United Kingdom as normal post-Brexit, even if no divorce deal is struck between London and Brussels, the BBC reported.

If foreign banks were forced to convert their branches to subsidiaries after Brexit, it is believed that many firms would decide to leave the United Kingdom altogether rather than taking on the additional costs - reported to be in the billions of pounds.

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