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 does the speaker imply about the likelihood of a passport deal being reached?

What contingency plans are financial firms making in light of a potential hard Brexit?