Banks lose appetite for new Brexit fight
08 May 2019

While Britain debates the merits of a second Brexit referendum, London’s financial centre is steering clear of the argument, resigned to the need to shift some business elsewhere.

Burned by backing the ill-fated Remain campaign three years ago, major global and British banks told Reuters they would shy away from taking a similar position in a new vote, preferring to spend time and money on “future-proofing” their business, including tackling outdated technology and moving into new markets.

A Reuters survey of leadership attitudes at 17 British and global banks found just six of the 11 institutions who responded to the survey backed the idea of a People’s Vote to break a parliamentary impasse on a proposed exit deal.

Four banks said they opposed another vote while one bank said it would remain agnostic on all Brexit scenarios and would let the political process – now stretching towards its third year – run its course.

None of the 11 respondents said they would be prepared to put cash behind a campaign for either a “Leave” or “Remain” outcome at this stage.

By Sinead Cruise, Reuters, 7 May 2019

Read more at Reuters

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