In the face of the Brexit vote and the uncertainty about EU exit negotiations, British major banks are preparing to move away from the UK. They want to leave the country by early 2017, said the head of the lobbying association BBA, Anthony Browne. Smaller banks even made plans to leave before Christmas. The UK's lobbying group, TheCityUk, estimated that up to 70,000 jobs would be lost in case the banks leave the UK. Like no other industry, the well-being of British banks depends on having access to the internal market.

 After a majority of the British population voted in favor of the Brexit in June, the countries access to the European internal market with its free movement of goods is still to be clarified through negotiations. The British capital is by far the most important financial center of the EU and, with New York, also the world's leading. Furthermore, a large part of the financial businesses of the European continent is settled in the UK.

The EU membership of Great Britain allowed for passporting, which are rights for UK-based banks to offer financial services to companies and individuals across the EU without any barriers. In case of a hard Brexit, however, banks would lose this legal right and London would lose its share in the world financial market. The financial service providers would then be forced to open offices within the EU, in for instance Frankfurt, Paris or Luxembourg, to sell their products on the continent. 

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