European banks will be allowed to operate as normal in the UK after Brexit under plans due to be announced by the Bank of England, according to reports.
The BoE’s plans are said to allow European banks to carry on operating without having to convert their branches in the UK into subsidiaries and without having to adhere to additional regulations.
The disclosure is likely to spark political controversy as it comes after Michel Barnier, the EU’s chief Brexit negotiator, ruled out a special deal to protect the City of London’s ability to trade on the continent.
Do we think it is of benefit to us that EU banks operate here as branches? What’s that? We do? Great, so that’s what we’ll o then.
What Johnny Foreigner does in Johnny Foreign is up to him, isn’t it? That’s rather the point of delinking from Johnny Foreign, no?