Brexit: leading banks set to pull out of UK early next year / Brexit politicians are putting us on a fast track to financial jeopardy

In an Opinion feature published in The Observer on the 23 October 2016 Anthony Browne, head of the British Bankers’ Association, warned that major banks were poised to move partially or fully out of the City of London. He said that 'the public and political debate at the moment is taking us in the wrong direction'.

On the 7 November 2016 the Financial Times reported that the European Commission was considering plans that would tighten access to the existing equivalence regime for financial services, which was designed to extend market access to non-European Union jurisdictions. The newspaper cited a senior EU official as saying equivalence 'is not automatic and is not a right' and was bound to be re-examined in light of Brexit. A senior French official added: 'The equivalence rules were never envisioned for the City'.

• Primary Source

ESO: Background information: How the UK’s financial services sector can continue thriving after Brexit http://www.europeansources.info/record/how-the-uks-financial-services-sector-can-continue-thriving-after-brexit/

ESO: Background information: The impact of the UK's exit from the EU on the UK-based financial services sector http://www.europeansources.info/record/the-impact-of-the-uks-exit-from-the-eu-on-the-uk-based-financial-services-sector/

ESO: Background information: UK prepares to protect its golden goose in EU talks / 5,500 UK-based finance firms could lose EU ‘passporting’ rights http://www.europeansources.info/record/uk-prepares-to-protect-its-golden-goose-in-eu-talks-5500-uk-based-finance-firms-could-lose-eu-passporting-rights/

ESO: In Focus: Brexit - The United Kingdom and the European Union http://www.europeansources.info/record/brexit-the-united-kingdom-and-the-european-union/

https://www.bba.org.uk/ https://www.bba.org.uk/

The Guardian, 22.10.16: [Opinion]: Brexit politicians are putting us on a fast track to financial jeopardy https://www.theguardian.com/commentisfree/2016/oct/22/brexit-threat-to-british-banks

BBC News, 23.10.16: Banks poised to relocate out of UK over Brexit, BBA warns http://www.bbc.co.uk/news/business-37743700

Daily Mail, 24.10.16: It's nonsense! Banks dismiss gloom-laden claim they'll quit the UK after Brexit http://www.dailymail.co.uk/news/article-3865384/It-s-nonsense-Banks-dismiss-gloom-laden-claim-ll-quit-UK-Brexit.html

European Parliament: European Parliamentary Research Service: Briefing, November 2018: Third-Country Equivalence in EU Banking Legislation http://www.europeansources.info/record/third-country-equivalence-in-eu-banking-legislation/

In Facts, 10.11.16: Brexit is regulation nightmare for the City https://infacts.org/brexit-regulation-nightmare-city/

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