Banks warn on Brexit timeline

Banks will need more than the two years currently allowed to span the gap between Britain leaving the EU and a new trade deal if they are to avoid disruption to financial markets, industry chiefs have said.

Once Britain begins formal negotiations for exiting the EU, known as Article 50, it will have two years until it ceases to be a member of the bloc.

Three of the most senior executives in the City of London told politicians yesterday that this was not long enough for banks to reconfigure business models.