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Report: Banks urge UK's May to begin Brexit with transitional deal

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Report: Banks urge UK's May to begin Brexit with transitional deal

Banks are calling on U.K. Prime Minister Theresa May to guarantee that the nation's exit from the EU will start with a transitional deal that would maintain their access to the bloc's single market for several years, the Financial Times reported Dec. 9, citing a draft of a British Bankers' Association report.

The BBA reportedly wants the deal for a "bridging" period to be in place until a permanent agreement for the new trading relationship between the EU and the U.K. has been finalized. In the event of significant changes for the banking industry post-Brexit, the association would then like to see an additional "adaptation" period for lenders, the FT noted.

May recently hinted that she would seek a transitional deal, saying she understood that businesses did not want to find themselves "on a cliff edge."