Banks warn it's too late to stop Brexit exodus
Executives 'increasingly pessimistic' a transitional deal can be agreed before they start moving staff

London banks are warning the government might have left it too late to convince them to stay in the UK after Brexit.
Top executives at five of the City's largest lenders told Reuters that any transitional deal to soften the blow of leaving the EU will probably only come towards the end of negotiations, by which point they will be relocating staff abroad.
James Bardrick, UK head of US bank Citi, said the government has been too slow to strike early deals with Europe and banks will have to be ready by September 2018.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"There's been a lot of talk and not a lot of action for a long time. I am anxious it is all a bit late," he said.
Chancellor Philip Hammond has called for the UK to push for a transitional deal to help business, but many banks have been alarmed at the lack of engagement from Whitehall since last year's referendum The government held its first high-level Brexit meeting in months with corporate leaders last week.
Mark Carney, governor of the Bank of England, has previously admitted banks will have to begin relocating activities as early as this September, due to the time it takes to set up new buildings, get licences and hire or move staff.
With Britain formally due to leave the EU by March 2019, Reuters says executives are "increasingly pessimistic" a transitional deal can be completed in time.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
North Korea (sort of) welcomes tourists again
Under the Radar 'Hermit kingdom' allows foreign visitors for the first time since 2020 – but only in limited areas
By Harriet Marsden, The Week UK Published
-
Today's political cartoons - February 23, 2025
Cartoons Saturday's cartoons - loser's game, unexpected consequences, and more
By The Week US Published
-
5 slow on the draw cartoons about Democrats' response to Trump
Cartoons Artists take on taking a stand, staying still as a statue, and more
By The Week US Published
-
Left on read: Labour's WhatsApp dilemma
Talking Point Andrew Gwynne has been sacked as health minister over messages posted in a Labour WhatsApp group
By Sorcha Bradley, The Week UK Published
-
New Year's Honours: why the controversy?
Today's Big Question London Mayor Sadiq Khan and England men's football manager Gareth Southgate have both received a knighthood despite debatable records
By Harriet Marsden, The Week UK Published
-
Will Starmer's Brexit reset work?
Today's Big Question PM will have to tread a fine line to keep Leavers on side as leaks suggest EU's 'tough red lines' in trade talks next year
By The Week UK Published
-
John Prescott: was he Labour's last link to the working class?
Today's Big Quesiton 'A total one-off': tributes have poured in for the former deputy PM and trade unionist
By Harriet Marsden, The Week UK Published
-
Last hopes for justice for UK's nuclear test veterans
Under the Radar Thousands of ex-service personnel say their lives have been blighted by aggressive cancers and genetic mutations
By Sorcha Bradley, The Week UK Published
-
Will Donald Trump wreck the Brexit deal?
Today's Big Question President-elect's victory could help UK's reset with the EU, but a free-trade agreement with the US to dodge his threatened tariffs could hinder it
By Harriet Marsden, The Week UK Published
-
What is the next Tory leader up against?
Today's Big Question Kemi Badenoch or Robert Jenrick will have to unify warring factions and win back disillusioned voters – without alienating the centre ground
By Harriet Marsden, The Week UK Published
-
What is Lammy hoping to achieve in China?
Today's Big Question Foreign secretary heads to Beijing as Labour seeks cooperation on global challenges and courts opportunities for trade and investment
By Harriet Marsden, The Week UK Published