European Union banks in the United Kingdom will operate 'as normal' after Brexit

Bank of England to allow EU banks to operate in UK as normal after Brexit - reports

But for some European Union nationals - who have endured uncertainty over their rights since the Brexit vote in June 2016, not to mention an unpleasant feeling that many Britons do not want them around - May's December 8 deal is too little, too late.

May's spokesman said she called for "a deal which secures the best possible trading terms with the European Union, enables the United Kingdom to set rules that are right for our situation and facilitates ambitious third-country trade deals".

Responding to Mr Barnier's suggestion that the kind of free trade agreement likely to be on offer to the United Kingdom will not include financial services, Mrs May said it was a matter for negotiation.

The central bank said it made the decision on the assumption that a "high degree of supervisory co-operation with the EU" would continue after Britain leaves the bloc.

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British Prime Minister Theresa May had asked for the transition to last around two years.

In a tough speech, Mr Barnier said the transition must be for a "short and specific" period.

The transition period would amount to three months less than what Britain initially sought but the date dovetails with the beginning of a new multiannual budget which would leave Britain totally out of it.

On top of that, Barnier said that "all new rules adopted by the European Union during the transition will be applied to the United Kingdom", with the EU's highest court continuing to have authority.

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Earlier on Wednesday Christine Lagarde, the head of the International Monetary Fund, said that it was imperative that the United Kingdom secure a good deal for the City in order to minimise the economic impact of Brexit.

The next phase comes as Barnier ruffled feathers in London yesterday with a warning that any ties after Brexit would inevitably result in Britain's financial companies losing full rights to trade across the bloc.

Last week May's fragility was exposed by the rebellion of 11 largely pro-European Conservative lawmakers in a parliamentary vote on Brexit legislation that led to an embarrassing defeat.

May has already accepted in theory the continued jurisdiction of the ECJ and that London will have no legal basis to conclude its own trade deals during the period. But they present the risk that, in the event of a financial crisis, funds are quickly repatriated to the foreign bank's headquarters - leaving customers of the United Kingdom branch out of pocket.

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