Time Running Out To Prevent Banks’ Brexit Exodus: City Of London Boss

www.oann.com | 2/25/2017 | Staff
j.moomin (Posted by) Level 3
LONDON (Reuters) – Britain must negotiate a staggered departure from the European Union in the next few months or risk seeing thousands of finance jobs move overseas, the policy chief of London’s financial district told Reuters.

The City of London, home to global foreign exchange, bonds and fund management operations and to more banks than any other financial center, faces upheaval as firms decide whether to shift jobs to continental Europe to keep serving customers there after Britain leaves the EU in 2019.

Catherine - McGuinness - Practice - Leader - District

Catherine McGuinness, in practice the political leader of the historic financial district’s municipal body, says Britain and the EU must agree the outlines of any transition before the end of the year or it will be too late.

Britain and the EU began a first round of Brexit negotiations on Monday.

McGuinness - Lawyer - Finance - Industry - Veteran

McGuinness, a financial lawyer and finance industry veteran who is in regular contact with the government over policy issues, said some firms in the sector have started relocating parts of their businesses overseas amid frustration at the lack of clarity about what any Brexit deal may look like.

“People need to know now,” McGuinness said in an interview, adding firms may move up to 15,000 finance jobs without any deal. “Decisions are already being made.”

Pledge - Sides - Transition - Period - Clarity

“We need a clear pledge from both sides of a transition period so that there is clarity for business,” she...
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