Banks have already said they are making contingency plans to move some of their operations.
Big international banks are preparing to move some of their operations out of Britain in early 2017 due to the uncertainty over the country’s future relationship with the European Union, a top banking official said.
Many of the world’s major banks have their European headquarters in Britain, where the financial sector employs more than two million people and makes up almost 12 percent of the economy.
Banks in London depend on a European “passport” to serve clients across the 28-country European Union from one base and lenders worry that this right will end after Brexit. Prime Minister Theresa May has said she will trigger formal talks to leave the EU by the end of March 2017 after Britain voted to leave in a referendum last June.
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