Consumers would face slower and more costly credit card payments when they buy EU products, and British citizens living abroad could lose access to their bank accounts, in the event of a no-deal Brexit, the government has warned.
The Brexit secretary, Dominic Raab, insisted he was “confident that a good deal is in our sights”, as he launched 24 “technical notices” in Westminster on Thursday morning, telling businesses and the public how to prepare if no deal is reached.
He said the government’s priority was to ensure continuity but the 24 technical notices – the first batch of more than 80 due over the summer – underline the potential impact on daily life, if Britain leaves without a deal in place in March next year.
With UK banks likely to lose access to EU payments systems, the financial services paper warns that, “customers (including business using these providers to process euro payments) could face increased costs and slower processing times for euro transactions”.
It added: “The cost of card payments between the UK and EU will likely increase.”