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Big banks may leave the UK over Brexit
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It is possible that big banks will leave the UK over Brexit in early 2017. The head of the British Bankers’ Association Anthony Browne wrote this in his column for the Guardian, UNN reports with reference to BBC.
“Most international banks now have project teams working out which operations they need to move to ensure they can continue serving customers, the date by which this must happen, and how best to do it”, - informed A. Browne.
According to him, small banks plan to start relocations before Christmas and bigger banks are expected to start in the first quarter of next year.
“Real problems for business have not begun the day following the referendum. They will definitely begin after we leave the EU”, - he wrote.
The banker wrote in his column that there is a real threat of shortages in the European financial markets. In his opinion, after Brexit it may happen that a considerable part of trade between Britain and the EU in the financial sector would be as follows: “In the best case scenario it would be questionable from a legal point of view and in the worst it would become illegal, because during the night banks will lose their legal right to provide services.”