The French finance minister, Michel Sapin, has said that US banks have told him they will move some activities out of Britain to other European countries in the wake of the referendum decision to leave the EU. Sapin said that until now US banks had adopted a wait-and-see approach towards their British investments. “It’s no longer ‘will there be’ or ‘if’ there’s a Brexit. “Those are their words, not mine,” he said, adding calling it an “inevitable outcome, whatever the result of the Brexit negotiations” between London and Brussels. Anil Kashyap said the UK would lose out from taxes paid by City workers if jobs moved out of the capital as a result of a hard Brexit.

Source: The Guardian October 13, 2016 23:37 UTC