Credit rating agencies are drawing up plans to shift up to 10% of their staff out of the UK following pressure from European regulators to prepare for a ‘cliff-edge’ Brexit.

The European operations of Moody’s, S&P Global and Fitch Ratings, which are regulated by the EU’s European Securities and Markets Authority, have been told the watchdog expects them to move staff from the UK ahead of Brexit and will review how EU rating agencies interact with their non-EU offices.