{"id":113093,"date":"2021-04-28T17:21:21","date_gmt":"2021-04-28T17:21:21","guid":{"rendered":"https:\/\/fin2me.com\/?p=113093"},"modified":"2021-04-28T17:21:21","modified_gmt":"2021-04-28T17:21:21","slug":"brexit-hit-to-british-banks-still-not-fully-felt-uk-finance-ministry-says","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/brexit-hit-to-british-banks-still-not-fully-felt-uk-finance-ministry-says\/","title":{"rendered":"Brexit hit to British banks still not fully felt, UK finance ministry says"},"content":{"rendered":"<p>LONDON (Reuters) &#8211; The hit to the City of London from Brexit has been less severe than initially predicted but may have further to play out, Britain\u2019s top financial services official said on Wednesday.<\/p><figcaption>FILE PHOTO: A sign for Bank Street and high rise offices are seen in the financial district in Canary Wharf in London, Britain, October 21, 2010.   REUTERS\/Luke Macgregor\/\/File Photo<\/figcaption><p>Britain was under \u201cno illusions\u201d that a post-Brexit \u201csteady state\u201d has been reached, in terms of banks settling on locations for their European operations, Katharine Braddick, head of financial services at Britain\u2019s finance ministry told an event held by the Peterson Institute for International Economics.<\/p>\n<p>\u201cThere is still a lot in play,\u201d she said.<\/p>\n<p>Banks in London face pressure from the European Central Bank to relocate staff and activities to the EU.<\/p>\n<p>\u201cThere is quite a lot of pressure to move quite a lot quite quickly. That is very much at the sharp end of where we are seeing the new border arise,\u201d she said.<\/p>\n<p>Euro share and swaps trading has moved from London to Amsterdam, and Brussels wants clearing to follow.<\/p>\n<p>\u201cClients decide where businesses locate, and that\u2019s certainly been the case so far on clearing and we will see that in investment banking,\u201d Braddick said.<\/p>\n<p>Bankers have told Reuters they want the finance ministry to set out a clear, long-term plan for the City and speed up proposed reforms.<\/p>\n<p>Braddick said the finance ministry was keenly aware of the need to re-establish a \u201csense of clear and consistent values and direction\u201d in financial services policy and regulation.<\/p>\n<p>The Brexit experience is seen by industry as threatening predictability in business decision-making, she said.<\/p>\n<p>Douglas Rediker, founder of consultancy International Capital Strategies, said the hit from Brexit could accelerate once the COVID-19 crisis has passed.<\/p>\n<p>\u201cWe saw the vast majority of EU equity trading move from London to Amsterdam. It did poke a big hole in the story that London could never be replaced,\u201d Rediker said.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/britain-eu-banks\/brexit-hit-to-british-banks-still-not-fully-felt-uk-finance-ministry-says-idUSL8N2ML6AV\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON (Reuters) &#8211; The hit to the City of London from Brexit has been less severe than initially predicted but may have further to play [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":113092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brexit hit to British banks still not fully felt, UK finance ministry says - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/brexit-hit-to-british-banks-still-not-fully-felt-uk-finance-ministry-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brexit hit to British banks still not fully felt, UK finance ministry says - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) &#8211; 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