No-deal Brexit could see Brits in EU lose access to UK bank accounts
The British government released a list of 25 'technical notices' on Thursday, revealing that Brits living in the European Union could lose access to their UK bank accounts in the event of a no-deal Brexit.
The list of 'technical notices' released by the British government on Thursday aims to prepare businesses and the public for a no-deal Brexit.
Secretary of State for Exiting the European Union Dominic Raab gave a speech on planning for a no-deal Brexit after his recent trip to Brussels to meet with European Chief Negotiator Michel Barnier for a further round of talks.
Raab warned that British citizens living abroad could lose access to their bank accounts.
Customers of UK banks living in the EU “may lose the ability to access lending and deposit services, and insurance contracts”, the paper says.
EU Chief Brexit Negotiator Michel Barnier (R) and Britain's Secretary of State for exiting the European Union Dominic Raab (L). Photo: AFP
Meanwhile, consumers buying products from the EU would face slower and more expensive credit card payments, and businesses were told that in the event of a no-deal “the free circulation of goods between the UK and EU would cease”.
The Brexit Secretary said that though he was "confident a good deal is within our sights" and that "it was still the most likely outcome", it was nonetheless necessary "to consider the alternative".
These 25 notices are the first of 80 to be released over the summer which will outline what will happen in the event of Britain crashing out of the EU in March 2019.