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U.K. Needs to Give Banks Clarity on Brexit Future or Face Exodus

  • Open Europe calls for bespoke passporting deal for banks
  • Lengthy transitional agreement needed post-Brexit, group says
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Hintz: London Will Remain Financial Center Post-Brexit

U.K. Prime Minister Theresa May needs to give City of London banks maximum certainty on how they will be treated after Brexit or risk seeing them flee Britain and perhaps even Europe, according to Open Europe.

In a report Monday, the think tank recommends May push for a bespoke deal with the EU that ensures banks in the U.K. retain access to the bloc’s single market and offer reciprocal access for banks on the continent. It also says she should strike an interim agreement with the European Union that would preserve banks’ ability to provide services on broadly similar terms to now beyond the two-year negotiation period.