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Brexit hit to UK banking very unclear-Bank of England's Cunliffe
October 12, 2016 / 9:26 AM / a year ago

Brexit hit to UK banking very unclear-Bank of England's Cunliffe

LONDON, Oct 12 (Reuters) - Bank of England Deputy Governor Jon Cunliffe said on Wednesday said there was “great uncertainty” about the possible loss of banking activity in Britain following the country’s decision to leave the European Union.

“To the extent that activities cease to happen in London, cease to happen at all or move to other jurisdictions in Europe or elsewhere, to the extent that that happens and the structure of financial firms has to change, there’s great uncertainty about how much that will have to happen,” Cunliffe told lawmakers.

Senior bankers said on Tuesday they could start moving staff out of Britain as early as next year if there is no clarity on the country’s access to the European single market once it leaves the EU. (Reporting by David Milliken, Huw Jones and Helen Reid; writing by William Schomberg; Editing by Toby Chopra)

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