Officials at the U.K.’s central bank are pushing lenders to sharpen up their contingency plans as their branches in Britain could lose the right to operate after March 2019—a situation that would further jeopardise London’s position as Europe’s key financial centre.
EU banks provide around 10 percent of the corporate lending used by British companies, so if foreign banks lose access to these clients because of a change in regulations post-Brexit, they are at risk of losing revenue while U.K. businesses will find it more difficult to secure lending, warns the Bank of England.
