Following Theresa May's speech, a journalist asked me whether some banking operations are likely to relocate out of Britain now that we know single market access is off the table. It wasn't much of a stretch to conclude that this was a certainty but, admittedly, I did not necessarily expect to see it confirmed publicly within a few hours.
Banks and other financial institutions using a UK company as their European hub for financial services passporting now have certainty that the status quo has a limited shelf life. Many will have reasonably decided that moving services and jobs to another European hub is a sensible and certain way to preserve their continental continuity of service. Equally, some services will be unaffected and there will be some European banks that need to relocate services to the UK. What we should not expect, however, is that plans can be delayed until the Brexit deal is struck. The time required to implement these plans is significant and wheels will be put in motion much sooner.
HSBC's chief executive, Stuart Gulliver, told Bloomberg he was preparing to move 1,000 staff from London to Paris.