Currently there is NO proposal to boot out N-reg
planes from UK or Europe; France and the UK having pushed out and then abandoned such proposals in recent years.
However, EASA has published an extremely depressing
consultation which (see pages 159-161) completely kills all foreign
license privileges for European residents.
EASA is planning to honour foreign licenses in Europe only on the basis of a reciprocal treaty on mutual license acceptance, signed with each relevant country. The USA is IMHO most unlikely to amend FAR 61.3 or whatever to suit that little self-important place called Europe, so this proposal is basically a V-sign to America. One should never propose something from which the only way back is a humiliation so I don't really understand what EASA is trying to do here. They either "know" they will win, or they are happy to start a war with the corporate/bizjet population.
EASA is scheduled to publish another consultation mid September which will address foreign planes. I don't know of anybody who knows what this will contain. It could be OK or it could be another total disaster for European instrument pilots.