2016-10-16bloomberg.com

That story, retold by a banker who asked to remain anonymous, is symptomatic of industry complaints about engaging with May's government as it begins pulling Britain out of the European Union. May has already put financiers on notice that they're losing their privileged perch in policy making considerations, so the communications confusion only serves to deepen their anxiety.

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The portrait of bungled communications, which could prompt banks to accelerate the movement of highly paid jobs from London, emerged from interviews with government officials, bankers and lobbyists. Financial services account for almost 12 percent of the economy, more than 1 million jobs and over 60 billion pounds ($73 billion) of annual tax revenue.

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The days when 10 Downing Street and the Treasury put the interests of the City of London at the top of their list of priorities were over, said one of May's ministers, asking not to be named. The new government must focus on small and mid-sized businesses, too, the minister said.

With banks resigned to losing the so-called passporting rights that allow them access to the rest of the EU from their bases in London, they are now focusing their lobbying on winning a transitional deal to preserve the status quo until a long-term relationship is forged.



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