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 Britain's biggest banks might leave country because of Brexit

Banks in Britain depend on a European "passport" to serve clients across the 28-country European Union from one base and lenders worry that this right will end after Britain leaves the EU.

Britain's biggest banks are preparing to move out of the country in early 2017 because of fears over the impending Brexit negotiations, while smaller banks are making plans to leave before Christmas, the chief executive of the British Bankers' Association Anthony Browne said, Censor.NET reports Reuters.

Banks have already said they are making contingency plans to move some of their operations to continental Europe if Britain does not negotiate access to the EU single market after Brexit.

Read more: Brexit may affect EU's sanctions policy, - The Wall Street Journal

Prime Minister Theresa May has said she will trigger formal talks to leave the EU by the end of March 2017 after Britain voted to leave in a referendum last June.
 
 
 
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