Banks plan to leave UK in early 2017 due to Brexit fears

Banks plan to leave UK in early 2017 due to Brexit fears
Published: 2016 October 23 10:47:31 (6537 Views)
The financial services industry is already planning to move business overseas due to the uncertainty of the Brexit process, the head of the British Bankers' Association has warned.

Anthony Browne blamed fears that European Union (EU) politicians will want to erect trade barriers in an attempt to weaken the City of London during the Brexit negotiations for the planned moves.

Smaller banks could begin moving some operations overseas within weeks, with larger institutions following in the first few months of 2017, he predicted.

'Their hands are quivering over the relocate button,' he said.

Writing in The Observer, he said: 'Banking is probably more affected by Brexit than any other sector of the economy, both in the degree of impact and the scale of the implications.

'It is the UK's biggest export industry by far and is more internationally mobile than most. But it also gets its rules and legal rights to serve its customers cross-border from the EU.



'For banks, Brexit does not simply mean additional tariffs being imposed on trade – as is likely to be the case with other sectors. It is about whether banks have the legal right to provide services.'

The industry would like to see the continuation of the EU's 'passporting' regime, which allows financial services firms based in the UK to operate throughout Europe without seeking separate authorisation.

He warned that in European capitals and among British Eurosceptics 'the rhetoric is hardening' and politics could trump the economic advantages of allowing the present system to remain relatively untouched.

'The problem comes – as seems increasingly likely, judging by the rhetoric – when national governments try to use the EU exit negotiations to build walls across the Channel to split Europe's integrated financial market in two, in order to force jobs from London.

'From a European perspective, this would be cutting off its nose to spite its face.

'It might lead to a few jobs moving to Paris or Frankfurt but it will make it more expensive for companies in France and Germany to raise money for investment, slowing the wider economy.'



Source - Metro

Tags: UK, Brexit, banks,
 0

You May Like These Videos

Comments

| Comment With Facebook Submit

There are no comments.

News Big Reads

Bird Box finally unveils unknown monsters

by Metro | 2019 January 06 00:20:32 | 3798 Views

Man in critical condition after 'blowing himself up while trying to raid ATM'

by June Mpofu | 2018 December 11 19:39:39 | 13110 Views

Murder suspect pretending to be mute loses voice from underuse

by June Mpofu | 2018 December 11 19:39:46 | 9346 Views

Harrods accidentally sold £1,000 bags for less than £10

by June Mpofu | 2017 December 16 15:42:54 | 9412 Views

Rapper 'whips out' manhood on Instagram

by June Mpofu | 2017 October 31 08:36:03 | 11132 Views

Woman raped in the street as people walk past

by June Mpofu | 2017 October 27 22:04:42 | 11511 Views

Student who inhaled 360 laughing gas canisters in a week may never walk again

by June Mpofu | 2017 October 20 08:05:52 | 11120 Views

Poet tweets that she was raped by SA musician

by Hope Freedom | 2017 October 07 23:02:51 | 11915 Views

Dog bites off chunk of woman's face

by June Mpofu | 2017 September 23 09:04:56 | 10716 Views

Man jailed after tricking children into abusing young relatives

by Prince Cox | 2017 September 06 08:00:14 | 12186 Views

'I gave lift to a ghost' says taxi driver

by June Mpofu | 2017 September 04 18:39:39 | 27088 Views

Son 'stabbed mum to death and ate her heart with a side of chutney'

by June Mpofu | 2017 September 01 20:10:25 | 12779 Views

'Cannibal tired of eating human flesh' hands himself in

by June Mpofu | 2017 August 24 07:59:37 | 11111 Views

Man cut off pregnant girlfriend's nipples with a pair of scissors

by June Mpofu | 2017 August 20 10:24:38 | 12485 Views

Pregnant woman murdered in 'satanic ritual'

by June Mpofu | 2017 August 20 01:27:16 | 13307 Views

No diplomatic immunity for Grace Mugabe after 'splitting open model's head'

by Hope Freedom | 2017 August 15 08:30:38 | 16182 Views

8-year-old dies after cousin dares her to drink boiling water through straw

by June Mpofu | 2017 August 05 10:10:31 | 13092 Views

Girl, 14, was raped twice in one night by different men

by June Mpofu | 2017 July 29 17:06:36 | 12619 Views

Girl, 10, told she can't have abortion after being raped by uncle

by Hope Freedom | 2017 July 22 16:54:59 | 13057 Views

Obsessive woman chases police car helping boyfriend escape her

by June Mpofu | 2017 July 15 21:27:10 | 10269 Views

Man hijacked while peeing

by June Mpofu | 2017 July 08 10:46:55 | 16633 Views

Disabled woman tied to tractor and beaten to death by mob

by Hope Freedom | 2017 July 03 23:10:47 | 17269 Views

Man spends 5 years renovating boat, it sinks as soon as it goes on water

by June Mpofu | 2017 June 30 22:42:43 | 10165 Views

Woman paralysed after having sex

by June Mpofu | 2017 June 26 21:03:25 | 12585 Views

Woman cuts off boyfriend's privates 'after he refused to marry her'

by Prince Cox | 2017 June 24 20:36:31 | 17342 Views

Cancer patient charged with plotting to kill doctors

by June Mpofu | 2017 June 08 09:57:59 | 11085 Views

Former Premier League star dies after collapsing in training

by June Mpofu | 2017 June 05 18:08:44 | 17489 Views

Mugabe 'will decide who goes to heaven' says Zanu-PF youth leader

by June Mpofu | 2017 June 03 09:04:32 | 11359 Views

Daughter had sex with father to stop him from marrying fiancee

by June Mpofu | 2017 June 01 17:52:29 | 12475 Views

Man splits from wife who raped him as boy

by June Mpofu | 2017 May 31 11:53:24 | 14818 Views

Human head trial set to go ahead after delay

by June Mpofu | 2017 May 30 21:23:34 | 11549 Views

American girl, 11, forced to marry rapist

by June Mpofu | 2017 May 29 14:28:03 | 13268 Views

Fed up residents hold Mayor hostage

by June Mpofu | 2017 May 25 08:51:43 | 12179 Views

Homeless hero who pulled nails out of children's faces is given a home

by Prince Cox | 2017 May 24 20:11:55 | 12592 Views

Heartbroken wife dies after husband's mistress sent her indecent pictures

by Prince Cox | 2017 May 22 08:35:57 | 33345 Views

Father jailed after raping daughter for 20 years

by Hope Freedom | 2017 May 20 09:51:11 | 14741 Views

Driver miraculously unharmed after lorry completely crushes his BMW

by June Mpofu | 2017 May 20 09:59:37 | 11199 Views

Saddam Hussain arrested for pretending to be Osama Bin Laden

by June Mpofu | 2017 May 16 23:42:36 | 10683 Views

Student left with painful scars after tattoo removal goes wrong

by June Mpofu | 2017 May 15 20:45:37 | 14205 Views

Three people die of Ebola in the Democratic Republic of Congo

by June Mpofu | 2017 May 12 15:31:35 | 11526 Views

'Shoplifter' bleeds to death after falling on 'stolen' bottles

by June Mpofu | 2017 May 09 21:49:08 | 14570 Views

82 Chibok schoolgirls freed by Boko Haram

by June Mpofu | 2017 May 07 09:19:48 | 31920 Views

Woman arrested after biting love rival's privates

by June Mpofu | 2017 May 06 19:03:59 | 10959 Views