In early September it emerged that fewer than 10
UK-based banks had applied for EU licences to continue trading
after Brexit. According to Reuters, the sloth pace is
concerning to those at the European Central Bank (ECB), who are
beginning to think that either banks are ill-prepared
(unlikely), or that there's a loophole in the legislation
(slightly more likely).
Either way, bankers might be a little hurt to hear this.
London's financial services district was not only one of the
most vocal opponents of Brexit itself, but was also pretty
prepared. And if they weren't, they had to be this year; the
Bank of England...