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European Banks in UK likely to operate 'as normal' after Brexit: Report

Financial services is Britain's single biggest tax-earning sector, bringing over 70 billion pounds a year into government coffers

Reuters  |  London 

The Bank of England will allow European banks to continue selling their services in the United Kingdom without having to create expensive subsidiaries after Britain leaves the European Union, the BBC reported on Wednesday. The decision, if confirmed, would mean European banks offering wholesale services would not face new post-Brexit hurdles to operating in London , which vies with New York for the title of the world's financial capital. A BoE spokesman declined to comment on the report. The central bank is due to publish its approach to future supervision of foreign banks, ...

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First Published: Wed, December 20 2017. 16:11 IST
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