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The financial services industry constitutes around 7 per cent of UK GDP, directly employs 1.1 million people (two thirds of them outside London) and contributes a significant proportion of tax revenue to the UK. The banking sector is an important part of the industry, consisting of UK domestic banks and non-UK banks that have established themselves in the UK (many of which use the EU passport to conduct cross-border business).
The Association of Foreign Banks (AFB) and Norton Rose Fulbright have carried out a second Brexit survey of AFB members to gauge what the foreign banking sector’s sentiment on Brexit is at this stage of the negotiations; the first was conducted in 2017.
We would like to thank all foreign banks who participated in the survey. We hope that you find this report of use and that it provides a useful insight, at this stage of the Brexit negotiations process, as to what foreign banks’ sentiment is on this subject.
© Norton Rose Fulbright LLP 2020