City of London in Limbo as Brexit Talks Drag On

The threatened exodus of bankers has not happened yet but plans for a goods-only customs union may not help finance firms

James Gard 6 July, 2018 | 7:08AM
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The Shard, City of London. Brexit Fears Hit Banks

Britain is less than a year away from formally leaving the European Union but the Government has yet to present a coherent vision of Brexit to UK businesses and the general public.

The idea of a goods only customs union is expected to emerge from a Cabinet meeting this weekend, but this will not help the City of London, whose hopes of passporting after Brexit have already been dashed by the Prime Minister. At the same time, Europe’s banking regulator has warned that the financial services sector has not planned properly for a no-deal Brexit and is relying too much on a transitional deal.

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James Gard  is content editor for Morningstar.co.uk