Barclays is set to transfer around €190bn of assets to its Irish subsidiary to offset the risks of a no-deal Brexit. It is the latest sign that large banks are pulling the trigger on plans to shift away from the City.

The UK bank is preparing to implement plans it put together in the event of Britain crashing out of the EU with no deal and “cannot wait any longer” as UK politicians continue to argue, according to a High Court judgement approving the scheme.