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UPDATE 1-In no-deal Brexit, EU seeks to avoid short-term crash


Reuters
Updated: 19-12-2018 17:55 IST
The European Union set out on Wednesday a series of short-term measures to limit disruption to air traffic, financial services, and trade if Britain left the bloc without a deal next March.

The European Commission, which is coordinating the European Union's response to Brexit, also called on the 27 other EU governments to allow British nationals living in their countries to stay and work from March 29, the day Britain is due to leave.

The Commission's measures cover transport, financial services, customs and border checks, taxation and climate change and will need to be backed by the European Parliament and the 27 countries remaining in the EU.

The EU executive proposed allowing British airlines to fly to and from EU airports for 12 months, assuming Britain offered equivalent rights to EU airlines.

The bloc would also recognise UK clearing houses for financial derivatives for a year.

The European Commission was keen to stress that the measures were limited in time. (Reporting by Robin Emmott and Philip Blenkinsop)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)