Banks make plans to relocate

The BBC on-line news has been reporting the news that some large banks are putting plans in place should they want to leave the UK next year over fears around Brexit.

The news comes as a warning from the British Bankers' Association (BBA) which also suggests that smaller banks could follow suit by 2017.

Most banks wanted to stay in the EU. It is claimed that banks have set up 'project teams' to select which operations should be moved when and how.

It is thought that the banking sector will be the most affected by Brexit as it is the UK's biggest export industry and receives its legal rules to serve its customers across borders from the EU.

The BBA's leader, Anthony Browne stated: 'For banks, Brexit does not simply mean additional tarrifs being imposed on trade - as it is likely to be the case with other sectors. It is about whether banks have the legal right to provide services'.