Bundesbank THREATENS UK: Banker says City Brexit plans will FAIL – ‘You’ll be high & dry’

Andreas Dombret, a board member of the Bundesbank, said he doubted the City’s proposal for “mutual recognition” between banks in Britain and on the continent is feasible.

And he warned finance institutions to not wait until the proposed 21-month transition period to make tough decisions about relocating staff or start applying for the licences needed to operate in Europe.

British negotiators have yet to set out their hopes for a future UK trade deal with the EU, but they have previously said they will seek to put London’s world-class financial sector at the heart of upcoming Brexit talks.

The mooted mutual recognition system has been put forward by UK Finance, Britain’s domestic banking industry body, separate to the formal divorce discussions.

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