According to a report by The Times, citing unnamed sources on the matter
- Says that ECB has instructed companies to prepare for a "no deal scenario leading to a hard Brexit with no transition"
- Could lead to a loss of 5,000 - 10,000 jobs from the UK automatically
- Says that ECB officials stressed that transitional arrangements were not yet legally binding
- So banks need to prepare for all contingencies
Not something that may immediately weigh on the market yet, but give it some time. Especially since it contradicts with what the Bank of England stated here last week that banks can carry on with operations as per usual during the transition period.
More on the report here (may be gated).
