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Brexit: Britain's break away to hurt Europe's financial system, says report

Financial services will lose ability to sell, if Brexit happens with little provision for them

Reuters  |  London, Italy 

Like many multinational companies, Italian engineering business Brembo relies on London to run its finances. The company, based close to the Alps, makes brakes for Formula One cars and motorbikes and sells them in 70 countries. Hundreds of millions of euros pass through its bank accounts each year - and London is the hub for those flows. As Britain prepares to leave the European Union, the company says it may now have to shift the centre of its banking operations to Frankfurt. If Brexit happens with little provision for London's financial services, banks, funds and insurers in ...

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First Published: Wed, July 12 2017. 16:53 IST