UK needs ‘staged Brexit’ over jobs
Financial sector firms are moving parts of businesses overseas amid frustration at lack of clarity over deal, London policy chief says
London — Britain must negotiate a staggered departure from the EU in the next months, or risk seeing thousands of finance jobs move overseas, the policy chief of London’s financial district said. The City of London, home to global foreign exchange, bonds and fund management operations and to more banks than any other financial centre, faces upheaval as firms decide whether to shift jobs to continental Europe to keep serving customers there after Britain leaves the EU in 2019. Catherine McGuinness, in practice the political leader of the historic financial district’s municipal body, said Britain and the EU must agree the outlines of any transition before the end of 2017, or it will be too late. Britain and the EU began a first round of Brexit negotiations on Monday. McGuinness, a financial lawyer and finance industry veteran who is in regular contact with the government over policy issues, said some firms in the sector had started relocating parts of their businesses overseas amid fr...
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