Firms looking to move offices in the wake of the EU referendum will need to know whether or not the City will receive passporting rights at least six months ahead of the changes coming into effect, a law firm partner has warned.
Britain is about to kick off negotiations with the EU over Brexit, and while Prime Minister Theresa May has said she will not be revealing the UK's hand, firms will need some clarity in order to make decisions, he said.
Speaking on an Estates Gazette podcast on passporting, Ian Borman, partner at Winston & Strawn, said that financial firms will need to know if they will get access to the EU's regulatory systems within six months to a year ahead of changes coming in. This allows time to scout out properties and make decisions.
However, he did not predict huge moves away from the City, because large companies are already "geared towards operating internationally without passporting".
Goldman Sachs has already said it will be moving hundreds of jobs away from London due to Brexit.