1050 GMT July 17, 2018
“The Chequers deal ... is there because it delivers on the vote that people gave,” May told reporters upon arrival at a NATO summit, referring to a deal brokered at the prime minister’s country residence last week, Reuters reported.
She said the deal would end freedom of movement, the jurisdiction of the European Court of Justice and “vast” British payments into the EU budget.
“We deliver that Brexit and we do it in a way that protects jobs and livelihoods and meets our commitment to Northern Ireland,” she said.
Britain and the EU have agreed on a “standstill” transition period whereby EU rules remain in force in Britain until the end of 2020, which would ensure continuity in cross-border financial contracts like insurance policies and derivatives.
But this transition is part of a broader divorce settlement that is still being negotiated, and will not be legally watertight until it is finalized before Britain pulls out in March.
The European Commission’s vice president said on Wednesday existing financial contracts, such as derivatives or insurance, are unlikely to be affected by Britain’s departure from the European Union, quelling concerns raised by the Bank of England.
The BoE has said 82 billion pounds ($109 billion) of insurance liabilities involving 48 million policyholders could be affected across Britain and the European Economic Area. Derivatives worth a notional 26 trillion pounds are also caught in the Brexit crosshairs.