surinenglish

No-deal Brexit could cause Brits in Spain to lose access to UK bank accounts

Dominic Raab on Thursday.
Dominic Raab on Thursday. / EFE
  • The warning was included in the 24 technical notices published by the British government on Thursday

British people living abroad could lose access to their UK bank accounts if the current negotiations with the European bloc result in a no-deal Brexit in March 2019.

This week the British government's webpage published a list of warnings of what would happen in what Brexit secretary Dominic Raab described as the “unlikely” scenario of an unilateral agreement that would exclude UK banks from the EEA.

Under those circumstances, according to the 24 technical notices published on Thursday, British expats would be denied access to existing lending and deposit services, insurance contracts (including life insurance contracts) and would have to deal with higher taxation and slower transactions while using their British credit cards to purchase EU products.

The way expats with banking ties to the UK could be affected by a no-deal departure was just one of a number of indications presented on Thursday to Westminster by the Brexit secretary in the form of 24 notices that were later published in the government's website.