Valdis Dombrovskis, vice president of the European Commission, has said Brexit is "unlikely" to have any impact on existing financial contracts, such as derivatives or insurance. The UK government says it will not be able to negotiate a new trade deal with the EU until after March 2019, when Britain leaves the bloc. Dombrovskis said for the moment he did not envisage any issues, but added businesses needed to look "separately at each contract".
Valdis Dombrovskis, vice president of the European Commission, has said Brexit is "unlikely" to have any impact on existing financial contracts, such as derivatives or insurance. The Bank of England had previously expressed concern about the impact of Brexit on £82bn ($109bn) of insurance liabilities and derivatives notionally worth around £26tn. Dombrovskis said for the moment he did not envisage any issues, but added businesses needed to look "separately at each contract".