Hard Brexit will cost City of London its hub status, warns Bundesbank boss | World news | The Guardian

Hard Brexit will cost City of London its hub status, warns Bundesbank boss | World news | The Guardian:

"The head of Germany’s central bank has warned that London’s position as a financial centre would be dealt a severe blow if the UK left the single market because banks would be denied the right to operate across the 27 remaining members of the EU.

The “hard Brexit” option – favoured by some leading Conservative eurosceptics – would mean banks would automatically be stripped of their ability to conduct business across the EU and open the door for Frankfurt to take business away from London, the Bundesbank president, Jens Weidmann, said.

In an interview with the Guardian, Weidmann emphasised that banking “passporting rights are tied to the single market and would automatically cease to apply if Great Britain is no longer at least part of the European Economic Area” (EEA)."



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