Catherine McGuinness says posturing over divorce bill is delaying negotiations over transition deal needed by financial sector

The City of London’s most senior official has told the government it must move fast with its Brexit negotiations or risk an exodus of jobs and damage to the UK’s financial sector.

Before Theresa May’s much-anticipated Brexit speech in Florence on Friday, Catherine McGuinness said posturing over the so-called divorce bill was delaying negotiations over the much-needed transition deal that would prevent the financial sector facing a “cliff-edge” in March 2019, when the UK will leave the EU. A quick deal, she said, might be better than a perfect deal.

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