Banks Poised to Relocate Out of UK Over Brexit, BBA Warns
Large banks are getting ready to relocate out of the UK early next year over fears around Brexit, the British Bankers’ Association (BBA) has warned.
Writing in The Observer, its boss Anthony Browne also says smaller banks could move operations overseas by 2017.
“Their hands are quivering over the relocate button,” he wrote. Most banks had backed the UK remaining in the EU.
Mr Browne also said the current “public and political debate at the moment is taking us in the wrong direction.”
His comments build upon those he made at the BBA annual conference last week, when he said banks had already “set up project teams to work out what operations they need to move by when, and how best to do it”.