On Sunday, fearing for post-Brexit uncertainty the director of a powerful banking lobby said that International banks based in Britain are readying to relocate some operations outside of the country in 2017.
Anthony Browne, chief executive of the British Bankers' Association issued a statement in The Observer newspaper that their hands are quivering over the relocate button. Banks were uncertain whether they would be able to cater services across Europe once Britain leaves the EU in 2019. Thus, they set ready for all eventualities.
In addition, it will trigger the two-year negotiations clock before it leaves the EU between the New Year and the end of March.
The banks have called settlements for transition to be put in place after Britain leaves the EU.
To keep the continent afloat financially, banks based in the UK were lending £1.1 trillion ($1.3 trillion, 1.2 trillion euros) to companies and governments in the rest of the European Union.
Britain and continental Europe free trade in financial was worth more than £20 billion, he said. If Brexit is bungled that trade is at risk.
The public and political debate is taking us in the wrong direction, said Brown.
He further said as it is easily Britain's biggest export industry, banking was probably more affected by Brexit than any other economy in the sector.
Judging by the rhetoric, it seems that it likely increases, the problem comes when national governments try to use the EU exit negotiations to build walls across the Channel to split Europe's integrated financial market in two. This is in order to force jobs from London," he wrote.
Imposing them on Britain their biggest trading partner and wanting to reduce trade barriers with the United States and Canada, EU was irrational said Brown.
He wrote banks might hope for the best but have to plan for the worst.
Moreover, he said international banks are mostly have project teams now who work out which operations they need to move forward to ensure they can pursue serving customers.
He reiterated that their hands are quivering over the relocate button. Many smaller banks plan to start relocations before Christmas. Bigger banks are expected to start in the first quarter of next year.
"Finance is inventive and will find a way through." Explained Brown. London will survive as a global financial center he said.
"But putting up barriers to the trade in financial services across the Channel will make us all worse off, not just in the UK but in mainland Europe."
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