a period during which the UK is no longer part of the EU but will remain within the single market and the  customs union; this 21-month phase, which starts on 30 March 2019, creates time: time for policymakers to develop the rules of a new partnership; and time for businesses to adapt to the new reality strategically and thoughtfully – rather than hastily.
2 The options still on the table are a “no deal” scenario and one with quite limited freedoms for financial services,  as set out in CETA (the Comprehensive Economic and Trade Agreement between Canada and the EU). These scenarios would mean two things for financial transactions between the UK and the EU.