UK exit from the EU could lead to banking exodus
Several US banks would consider moving key London-based operations abroad if Britain were to leave the EU, according to a report in the Financial Times (FT).
The FT said that sources "familiar with Bank of America, Citigroup and Morgan Stanley" indicated the banks viewed Ireland as an attractive option for certain European activities if a move away from the UK were required.
Banks basing themselves in London are automatically permitted to trade across all 28 EU nations, but this would likely change if the UK were to leave.
The plans are said to be in their infancy, but plans for an EU banking union and the UK's tempestuous relationship with the bloc have necessitated "preliminary" planning.
Such a move would be a blow to the UK economy, which is experiencing healthy GDP growth due in no small part to its services sector, of which finance is a considerable part.
According to ONS data, the services sector made up 77.8 per cent of GDP in June 2014, with financial services accounting for 39 per cent of that total.