Dire future painted for UK banks
Banking lobby group's report warns banks and staff will drain away if Brexit results in no access to EU
London
A DRAFT report on the impact of Brexit on Britain's financial industry warns that banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report.
The report has been written by law firm Freshfields Bruckhaus Deringer for TheCityUK, which lobbies on behalf of the financial sector, and may be published later this month, when Britain formally starts divorce talks with the EU.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Australian dollar firm as bulls bet on hawkish turn at RBA
ECB rate cut case getting stronger, says chief economist Lane
RBNZ has limited scope to cut cash rate this year: OECD
Crypto.com wants to sponsor more sports after Formula One Miami
Philippine central bank tightens dirty money risk reporting rule
Singapore Savings Bond 10-year average yield hits year-to-date high of 3.33%