Portugal approves additional Brexit contingency plan

Portuguese Foreign Minister Augusto Santos Silva

Lisbon: Portugal government approved additional contingency plan in case the UK leaves the European Union (EU) without an agreement, extending the current plan towards the end of 2020 on financial services and social security.

Foreign Minister Augusto Santos Silva told reporters after the Council of Ministers on Thursday that the new measures correspond to the “alignment of our national contingency plan with the contingency plan set by the 27 EU member states at the national level”, Xinhua news agency reported.

The logic of the move is “to extend until December 31, 2020 the present situation with regard to financial operators on one hand, and with regard to workers in the matters of discounts and social security benefits on the other hand,” he said.

The plan “provides that UK-based credit institutions, investment firms and management entities will continue to be able to operate in Portugal until December 31, 2020″ to ensure the continuity of all financial contracts, explained the minister, adding that December 31, 2020 is the date that is taken “as a reference in the organization of contingency plans for an exit without agreement”.

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