MEDIA WATCH: Banks warn too late to halt Brexit exodus

401Views 3Comments Posted 12/07/2017

London banks are warning the government might have left it too late to convince them to stay in the UK after Brexit. and  executives are 'increasingly pessimistic' a transitional deal can be agreed before they start moving staff reports The Week.

Top executives at five of the City's largest lenders told Reuters that any transitional deal to soften the blow of leaving the EU will probably only come towards the end of negotiations, by which point they will be relocating staff abroad.

James Bardrick, UK head of US bank Citi, said the government has been too slow to strike early deals with Europe and banks will have to be ready by September 2018.

"There's been a lot of talk and not a lot of action for a long time. I am anxious it is all a bit late," he said.

Chancellor Philip Hammond has called for the UK to push for a transitional deal to help business, but many banks have been alarmed at the lack of engagement from Whitehall since last year's referendum The government held its first high-level Brexit meeting in months with corporate leaders last week.

Mark Carney, governor of the Bank of England, has previously admitted banks will have to begin relocating activities as early as this September, due to the time it takes to set up new buildings, get licences and hire or move staff.

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Comments 3

Richard Charron

Sadly and perhaps shame on me but Tony Blair had me fooled while in office. I never expected this of him. It appears that the new norm is if you can't get your way the alternative is to destroy the country to prove you weee right. All aided and abetted my the MSM.

Last year

Some have no little faith on the resiliency of the free market. They are so full of themselves and their need for social engineering that they cannot accept the life will go on without them. In order to get what "they want", they are willing to obstruct and divide, with a little help from people like Soros.

Last year
Richard Charron

Some banks will leave, new banks will take their place. This is nothing but political posturing in an attempt to make Brexit more difficult, hoping for repeal. The "One World" crowd will never give up with their socialist propaganda, promulgated to cause dissent and derision. Fasten your seat belt, it's going to be a tough global decade.

Last year
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