The UK government has published guidance on the impact of a hard (no deal) Brexit on banking and other financial services.
A couple of extracts:
UK-based payment services providers would lose direct access to central payments infrastructure – such as TARGET2 and the Single Euro Payments Area (SEPA) – meaning customers (including business using these providers to process euro payments) could face increased costs and slower processing times for Euro transactions.
The cost of card payments between the UK and EU will likely increase, and these cross-border payments will no longer be covered by the surcharging ban (which prevents businesses from being able to charge consumers for using a specific payment method).
My thinking was more not necessarily that it’s a technical fail. But if markets take fright and people become suspicious about whether that contract will pay/exist. Much of the credit crunch came from a crisis of confidence and mis-trust. That’s more toxic in my opinon.
Sorry l spent to long in Brexit Twitter and was all fired up