The British Bankers’ Association (BBA) has warned that large banks are getting ready to leave the UK and relocate elsewhere due to Brexit uncertainty.
“Their hands are quivering over the relocate button,” warns BBA boss Anthony Browne.
“Public and political debate at the moment is taking us in the wrong direction.”
He argues banks have already “set up project teams to work out what operations they need to move by when, and how best to do it”.
“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.”