Some international banks in the UK are planning to move part of their operations overseas as early as Christmas to avoid a “cliff edge” from Brexit, according to the British Bankers’ Association.
Anthony Browne, chief executive of the BBA, has warned that most international banks are working out which parts of their business they need to move abroad to continue serving customers once Britain leaves the EU.
He wrote in the Guardian: “Their hands are quivering over the relocate button. Many smaller banks plan to start relocations before Christmas; bigger banks are expected to start in the first quarter of next year.”
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