The chairman of Lloyd's of London has issued a warning to Theresa May over Brexit, demanding a cohesive government approach.
Speaking at the Lloyd's City Dinner tonight, John Nelson said: "If we are not able to access the single market, either through passporting rights or other means, the inevitable consequences for Lloyd's – and indeed other insurance organisations – will be that we will transact the business onshore in the EU, and that obviously will have an impact on London."
He added: "The Brexit negotiations will require joined-up government – and decisive government. I need hardly say that excessive delay or mixed messaging will render our position more difficult than it already is."
It came after he said on BBC Radio 4's Today programme that the London insurance market would have to consider “contingency plans” if passporting rights are lost.
Nelson was speaking ahead of London mayor Sadiq Khan, who vowed to push for “creative” and “ambitious” solutions from the government on single market access for the City.