US Bankers Tell British Prime Minister To Wait A Few Years Or Maybe Forever To Go Through With Brexit

It's not too late to say "We've made a huge mistake," Brits.
Author:
Updated:
Original:
Getty Images

Getty Images

Britain's new PM, Theresa May, AKA David Cameron's replacement, was in the US this week to chat Brexit with various bankers and tech execs, to assure them it wasn't that big a deal and to find out what she could do to make it even less of a big deal/prevent them from moving their companies to Warsaw. And apparently the answer was pretty simple: wait as long as possible to actually put the results of the disastrous votethat no one really understood in the first place into effect:

Mrs May said on Wednesday that Britain will trigger Article 50 in the form of a letter, though she did not specify whether it would be sent to all 27 country leaders or to the central EU institutions in Brussels. “The technicality is that we have to write a letter to trigger something called Article 50 to start the process,” Mrs May told National Public Radio. “We haven’t done that yet because we are just taking a few months to do that preparation.”
Some of those attending the roundtable told the prime minister that she should take it slowly, according to multiple people with knowledge of the discussions. Bankers argued for a “long lead time”, including as much as two years' notice of when Brexit would kick in, and several more years for a transition period.

Or don't and watch and watch everyone pack up their things and head to Frankfurt.

Rob Kapito, co-founder of investment firm BlackRock, told the programme that, “I don’t think there is any firm, any good firm, that has not already started to look at real estate in different areas outside of the UK in case they have to move larger operations.” BlackRock was “very concerned” about the economic consequences of Brexit for corporations “around the globe”, he said.

Wall Street warns Theresa May of need for ‘long runway’ before Brexit [FT]

Related