Wall St: We’d like a long Brexit runway

Wall Street bankers and business leaders have told Prime Minister Theresa May they hope for a transition of several years in order to prepare for the UK’s departure from the European Union.

Addressing a gathering of senior American financial and business leaders, the Prime Minister insisted she wanted to understand the impact of Brexit on their businesses. Mrs May also confirmed the UK would trigger Article 50 in a letter, but declined to say whether it would be sent to individual member states or the EU institutions – or the timeframe in which the letter would be issued.

Delegates reiterated recent warnings to the Prime Minister over passporting, also highlighting the potential impact of Brexit on business areas including privacy, data storage, labour movement, and drug development and regulation.

Speaking to the BBC’s Today programme, senior financiers also warned that Brexit could result in businesses considering relocation outside the UK.