UK watchdog tells markets: Be ready in case of no-deal Brexit

EU and Union Jack flags flutter outside the Houses of Parliament in London, Britain, October 21, 2019. [REUTERS/Simon Dawson]

Financial firms in Britain should be ready in case there is no trade deal with the European Union by December, a senior UK regulator said on Thursday.

Britain leaves the bloc next week, followed by a “business as usual” transition period that ends in December. Britain and the EU will formally begin trade talks in coming weeks.