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UK finance minister on Brexit plan for banks

Wednesday, September 07, 2016 - 01:55

Top British bankers will tell Britain's finance minister Philip Hammond to give them a clearer idea of what the country's divorce from the EU will mean for them when they hold their first meeting since the Brexit vote. Jo Webster reports.

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Top British bankers to demand a Brexit gameplan on Wednesday. Executives to push Finance Minister Philip Hammond for a clearer idea of what the country's divorce from the European Union will mean for them. It's the first meeting of this kind since June's referendum result.... ...Including executives from major banks and insurers like Barclays, Standard Life and Santander UK. (SOUNDBITE) (English) ANDREW MACASKILL, REUTERS UK BANKING CORRESPONDENT, SAYING: "It would be one of biggest upheavals for London based banks in decades, many of the European, American and Asia banks use London as a place to operate from. If you lose passporting, you have to come up with alternative plans. They are now spending a lots of time now thinking about what they'll do and when they'll implement those plans" 2.2 million people work in Britain's financial sector. Those at the top say the industry deserves to be a priority when it comes to Brexit negotiations. Arguing it's the country's largest exporter. Many already considering shifting parts of their European operations out of the UK. (SOUNDBITE) (English) IG SENIOR ANALYST, CHRIS BEAUCHAMP, SAYING: "There could be a slow exodus of some degree, perhaps some firms moving some of their operations to the euro zone to create subsidiaries but you could still route most of the business through London. I don't think we should get too carried away that we'll suddenly see an empty city of London in the next 5 years." Sources say the Treasury and Bank of England are also seeking advice from lobby groups about how Brexit will impact them. There's confusion on both sides about who is best-placed to offer guidance. Once article 50 is invoked, it'll take at least 2 years to steer the UK out of the bloc. But for those in the financial industry, the next six month are critical.

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UK finance minister on Brexit plan for banks

Wednesday, September 07, 2016 - 01:55