Bank bosses are “planning for the worst case scenario” with their hands “poised, quivering over the relocate button" as the UK prepares to leave the European Union, the chief executive of a key industry trade body has warned.

Anthony Browne, chief executive of the British Bankers Association, opening the organisation's annual International Banking Conference in London on October 20, stressed banks' need for as much clarity as possible about the UK Government's Brexit negotiations and the likely relationship between the country and the neighbouring bloc so that they can "plan for the future with confidence".