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Banks Welcome May’s Phased Brexit Bid Amid Plans to Relocate

  • HSBC chairman says banks need to plan for the worst on access
  • May pledges to withdraw Britain from EU single market
Bloomberg business news

Hard Brexit, Passporting, and the U.K. Banking Industry

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Finance firms welcomed Prime Minister Theresa May’s pledge to deliver a “phased approach” to the U.K.’s withdrawal from the European Union’s single market even as they said they were preparing for the worst.

“We do not seek membership of the single market," May said in a speech in London on Tuesday. “Instead we seek the greatest possible access to it through a new, comprehensive, bold and ambitious free trade agreement.”