Skip to content
Subscriber Only

BOE's McCafferty Says Banks May Leave Before Brexit Deal Agreed

  • Moves may start if no news by spring, McCafferty tells LBC
  • Says political instability bad for business, markets
Bloomberg business news
The Biggest Questions About Brexit and the Banks
Updated on

Bank of England policy maker Ian McCafferty said clarity on Brexit will be needed early next year to prevent banks starting to shift jobs out of the country.

Warning that political and economic instability is bad for businesses, investment and the economy, he said there’ll probably be some movement of banks out of London. He added that institutions are already making contingency plans and will have to start acting soon -- even before it’s clear what the final deal may be.