Japanese banks have told Philip Hammond they will begin moving operations to the EU within six months unless the Government can provide clarity on the UK’s access to the single market.
Banks including Nomura and Daiwa Capital Markets, which employ thousands of people in Britain, reportedly held a “frank” meeting with the Chancellor on 1 December.
According to the Financial Times, one senior Japanese finance executive said it “would be better for our EU-based customers to have an alternative hub”.
I'm really impressed with the fact that Phillip Hammond does not rubbish or dismiss these warnings. His wisdom and caution make me proud to be a Conservative.