Japanese Banks Threaten to Begin Exodus From UK
They’ve got a yen for stability. Executives from Japanese banks with major presences in the U.K. reportedly told British officials that if they don’t receive some clarity on Britain’s future rights to EU markets, they’ll start relocating their London operations within six months. Without passporting rights, which allow banks to run European business from London, many financial institutions will have to find a new European hub. Bank officials say they know it’s unlikely that passporting will be available post-Brexit, despite attempted assurances from British finance minister Philip Hammond.