DHAKA: Large banks are getting ready to relocate out of the UK early next year over fears around Brexit.

The British Bankers’ Association (BBA) has warned, reports the BBC.

Writing in The Observer, its boss Anthony Browne also says smaller banks could move operations oversees by 2017.

“Their hands are quivering over the relocate button,” he wrote. Most banks had backed the UK remaining in the EU.

Brown also said the current “public and political debate at the moment is taking us in the wrong direction”.

His comments build upon those he made at the BBA annual conference last week, when he said banks had already “set up project teams to work out what operations they need to move by when, and how best to do it”.

“Banking is probably more affected by Brexit than any other sector of the economy, both in the degree of impact and the scale of the implications,” he told the newspaper.

“It is the UK’s biggest export industry by far and is more internationally mobile than most. But it also gets its rules and legal rights to serve its customers cross-border from the EU.”

BDST: 1513 HRS, OCT 23, 2016
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