The Times quoted unnamed sources familiar with the matter, as saying that the European Central Bank (ECB) has issued a warning to the UK companies and banks to prepare for a ‘Hard Brexit’ scenario.
ECB has instructed companies to prepare for a "no deal scenario leading to a hard Brexit with no transition".
Could lead to a loss of 5,000 - 10,000 jobs from the UK automatically.
ECB officials stressed that transitional arrangements were not yet legally binding.
So banks need to prepare for all contingencies.
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