UK's BBA: Banks could start moving operations to Europe before year-end
We might as well kick off the new week of Brexit news
This was out over the weekend here in Blighty so it's not new news. The head of the British Banker Association, Anthony Browne was writing about banks relocating to Europe while the Brexit mess gets sorted out.
The main theme was that banks may start moving operations in Q1 2017 while some smaller banks may start moving some operations before Christmas.
As head of the association he's well placed to be part of negotiations from the banks side and while he gives plenty of warnings, he does a good job of summing up some key points;
"If we get it wrong, that £20bn trade in financial services is at risk and the public and political debate is taking us in the wrong direction."
"Banker colleagues in other EU countries all agree that disrupting the free trade in financial services would be self-inflicted damage. The top regulators in the UK and EU also agree that we must retain the integrated financial market. If we left it all to the regulators, we would have a relatively quick and rational economic solution. But politics trumps economics and it will be the politicians who decide."
He also makes a great point that while most trade deals are about getting rid of barriers, what will happen between the UK and EU on Brexit is what barriers will be put up.
To summarise it, there's a lot at stake and much for both sides to lose.