London banks to lobby Brussels

Banks with large London operations say they will step up their lobbying of European officials, because they are running out of arguments to convince the British government that the industry needs single-market access.

Banks have focussed on pressuring British officials to push for as much market access as possible, since Britain’s voters decided seven months ago to leave the EU. They held fewer meetings with European officials, according to several senior sources in the financial services industry.

The focus is shifting, because after scores of meetings and research reports, banks, which say they may begin moving staff and operations out of London in the next few months, if there is no clarity about Brexit, feel they are running out of new points to make.