FIRST AIRED: September 7, 2016

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program

Business

UK finance minister talks Brexit with banks

Opening sequence

Opening sequence

Business

UK finance minister talks Brexit with banks

0:00
17:23
More Info

COMING UP:UK finance minister talks Brexit with banks

×

Transcript

00:00:01
>> Top British bankers to demand a Brexit game plan on Wednesday. Executives to push Finance Minister Phillip Hammond for a clearer idea of what the country's divorce from the European Union will mean for them. It's the first meeting of this kind since June's referendum results, including executives from major banks and insurers like Barclay's, Standard Life, and Santander UK.
00:00:22
Reuters' UK banking correspondent Andrew McCaskill in London says, in the absence of enough information, banks will be preparing for the worst, losing access to the single market.>> It would be one of the biggest upheavals for London-based banks in decades. And many of the European banks, the American banks, or some of the Asian banks, use London as a place to operate from.
00:00:45
If you lose passporting that means that they'll have to come up with alternative plans and they're spending a lot of time now thinking long and hard about what they will do and when they will implement those plans.>> 2.2 million people working Britain's financial sector. Those are the top say the industry deserves to be a priority when it comes to Brexit negotiations, arguing it's the country's largest exporter.
00:01:10
Many banks, though, already considering shifting parts of the European operations out of the UK.>> This competitive approach there, there is some first mover advantage in doing that, but that's also weighed against the risk that you spend a lot of money and then two years from now, you find out that actually the UK will retain some form of access to the single market, and that would be wasted.
00:01:31
>> Sources say the Treasury and Bank of England are also seeking advice from lobby groups about how Brexit will impact them. There's confusion on both sides about who's best placed to offer guidance. Once Article 50 is invoked, it'll take at least two years to steer the UK out of the blowup, but for those in the financial industry, the next six months are critical.