British citizens in the EU may lose bank accounts without a Brexit agreement

BrexitBritain's Secretary of State for Exiting the European Union, Dominic Raab gestures during his speech outlining the government's plans for a no-deal Brexit in London, Thursday, Aug. 23, 2018. The British government says it will unilaterally accept some European Union rules and give EU financial services firms continued access to the U.K. market in order to maintain stability if the country crashes out of the bloc without a deal. (Peter Nicholls/Pool Photo via AP)

Britons living in the EU could lose their bank accounts if Britain and the EU do not have a Brexit agreement,” said Brexit minister, Dominic Raab.

 

Raab presented the first 25 of approximately 80 technical notes with tips and advice to business and consumers on what they need to do to prepare for a breach without agreement, a so-called ‘hard breach’.

The government warned British consumers that it will probably be more time consuming and more expensive to use credit cards when buying goods from the EU. British citizens living in the EU could, at the same time, lose access to their bank accounts it stated in the notes. For business, a non-deal will mean a stoppage in the free flow of goods, and there is a requirement for customs clearance wrote The Guardian newspaper.

He said during the presentation that Britain has accumulated a stock of over 200 types of medicine for a three-month period and that the authorities,in cooperation with pharmaceutical companies, will secure stocks for another six weeks.

Raab said he is “still sure” to get a good deal with the EU and showed that London and Brussels agree on approximately 80% of the Brexit cases.

However, the border crossing between Northern Ireland and Ireland is unresolved.

Raab will provide the remaining technical notes during the coming weeks.

The United Kingdom and Brussels hope to be able to make an agreement by October,giving it time to be ratified in Parliament in London and in the various national assemblies of EU member states before the 29th of March.

 

© NTB scanpix / #Norway Today

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