Cutting the apron strings: How Brexit will force British banks to think on their feet
Cutting the apron strings: How Brexit will force British banks to think on their feet
“I do not believe there is some fantasy world out there that if Britain leaves the EU we can somehow be economically better off.” The words of none other than former chancellor George Osborne, prior to Brexit. But despite the initial aftershock, the Bank of England’s latest GDP forecast clearly shows that Britain’s economy hasn’t slowed as much as the political elite first feared.
Speaking from the p
erspective of an investment bank that has only ever known a world away from Brussels, UK financial institutions have no choice but to look positively to the future. While there are clearly costs that will be incurred, including paying for passporting rights and access to the Single Market, the economic reality is a far cry from the political rhetoric emanating from Westminster and Brussels in recent weeks…
IgniteG2M client Bank Vontobel AG’s Head of Investment Banking comments on Brexit…
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