Brexit rows 'irrelevant' as banks plan moves, says former City chair

Political arguments over what form Brexit takes are now "irrelevant" to banks that are moving operations out of the UK, the former chairman of the City of London corporation has said.

Mark Boleat, who chaired the corporation until the end of 2017, told the Guardian that Brexit could cost 75,000 jobs and up to £10bn in annual tax revenue.

Boleat said jobs were already leaving the capital and that bosses of financial companies were moving parts of their businesses to the EU to comply with EU rules from the day the UK leaves.

“It is no longer contingency planning. If you are running a bank it is non-negotiable. The regulators won’t allow it,” he told the Guardian. "In the short term it won’t be noticeable in terms of staff. Banks won’t be putting out press releases saying they are moving some of their operations because of Brexit because they don’t want the publicity. They are just getting on with it."

The City will still be Europe's leading financial centre but that about a quarter of international business will move out. "Financial services will be fine, but I would say if the City has 80% of international business now, in future it will have maybe 60%.”

In a speech on 20 June, Boleat will say financial services are unlikely to get a "passporting" deal that lets firms operate in the EU from London. Banks are already working on that assumption despite what politicians say.

“Those who suggested that some business would move were accused of scaremongering,” he will say before listing 15 major financial firms that have already set up on the continent or Dublin.