City executives had hoped for more from last week’s meeting between EU leaders and the UK Prime Minister than a vague promise of further Brexit negotiations. Nervous bankers are running out of time for their governments to secure guarantees that key aspects of cross-border financial activity can continue in the event of no deal.
Their patience is wearing thin. Senior investment banking lobbyists are now warning that City firms will ramp up their plans for a crash-out Brexit if the industry does not receive such guarantees by December 1 — less than six weeks away.
