Large banks with a presence in the U.K. feel the country’s government is not fully receptive to the financial services sector in the wake of the uncertainty surrounding the Brexit vote, an industry source with knowledge of the situation, has told CNBC.
The source, who wished to remain anonymous due to the sensitive nature of the topic, said a wide range of banks, both big and small, felt that while the U.K. Treasury is very receptive to their ideas about a “smooth Brexit”, other government departments are less sympathetic.
The source further added that a number of banks are planning to move their operations out of London due to the uncertainty surrounding Brexit.
“Banks with large numbers of customer accounts in Europe and banks financing infrastructure projects, bonds and derivatives in Europe are among those looking to move out of London,” the source added.
This comes after the British Banking Authority (BBA) chief, Anthony Browne, wrote an article in the U.K.’s Observernewspaper Sunday saying big banks were preparing to relocate out of the U.K. early next year.
via CNBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.