Eyeing overseas moves

The financial services industry is already planning to move business overseas due to the uncertainty of the Brexit process, the head of the British Bankers’ Association has warned.

Anthony Browne blamed fears that European Union (EU) politicians will want to erect trade barriers in an attempt to weaken the City of London during the Brexit negotiations.

Smaller banks could begin moving some operations overseas within weeks, he predicted.

Writing in The Observer he said: “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.”