The financial industry in Britain would be eroded by a hard Brexit, a draft report has allegedly warned DANIEL SORABJI/AFP/GETTY IMAGESA draft report on the impact of Brexit on Britain’s financial industry warns that banks and staff will drain away, undermining the wider UK economy, if they do not have access to European Union markets, according to sources who have read the report. The report has been written by Freshfields Bruckhaus Deringer, a law firm, for TheCityUK, which lobbies on behalf of the financial sector, and may be published later this month when Britain formally begins divorce talks with the EU. Firms were already applying a “base case scenario” that when talks end in two years no access to EU markets would have been agreed, the sources said. Barclays revealed last month that it was considering moving some of its operations to Dublin after Brexit…

Source: The Times March 08, 2017 00:04 UTC