RBS's Davies Says U.K. Must 'Change Gears' on Brexit

The transcript discusses the challenges faced by the UK in Brexit negotiations, particularly regarding the budget and free movement of people. It highlights the impact on financial firms, which are making contingency plans due to uncertainty. The government needs to address budget issues to progress in negotiations. Financial firms are preparing for a hard Brexit, as decisions must be made before March 2019.

What are the two main issues the UK needs to address before discussing financial firms' access to the EU?

• Budget and free movement of people

• Education and technology

• Trade agreements and tariffs

• Immigration and healthcare

Why does the UK government need to prepare its citizens for financial contributions to the EU?

• To enhance educational opportunities

• To improve healthcare services

• To unblock stalled negotiations

• To ensure smooth trade relations

What is the potential impact of a hard Brexit on financial companies?

• Increased access to the EU market

• Need to implement contingency plans

• Reduction in trade tariffs

• Improved relations with EU countries

What is the prudent action for financial firms as the Brexit deadline approaches?

• Reduce workforce in the EU

• Wait for a final agreement

• Implement hard Brexit plans

• Expand operations in the UK

What could potentially reverse some decisions made by financial firms regarding Brexit?

• An increase in EU tariffs

• A change in government

• A full passport deal

• A new trade agreement