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Global banks may relocate outside Britain

globalbankInternational banks based in Britain are going to relocate some operations outside the country in 2017 in view of the post-Brexit uncertainty. According to Anthony Browne, chief executive of British Bankers’ Association, the banks were uncertain about whether they would be able to offer services across Europe once Britain leaves the EU in 2019. Banks have called for transition arrangements to be put in place after Britain leaves the EU. Browne said banks based in the UK were lending £1.1 trillion ($1.3 trillion, 1.2 trillion euros) to companies and governments in the rest of the European Union. If Brexit is bungled, the trade is at risk, Browne said, adding banking was probably more affected by Brexit than any other sector of the economy, as it is easily Britain’s biggest export industry.

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