British PM Theresa May Should Offer Brexit Bridge To Retain Financial Services Firms

British government should offer a Brexit “bridge” to financial services firms to retain those in the city instead of moving to rival locations like Dublin, New York, Paris and Frankfurt, said a cross-party group of peers.

The leaders urged Prime Minister Theresa May to act and stop businesses tumbling off.

Meanwhile, May is preparing for a summit meeting with other European Union leaders in Brussels and it is learned the agenda would be on foreign affairs, defence, migration and economy.

May will also be holding bilateral meetings with president of the European Parliament and leaders of Latvia and Lithuania.

However, May is learned to be attending Thursday evening dinner with the 27 EU bloc leaders who are expected to be discussing their individual approaches to Brexit.

Besides all these Brexit update the HSBC chairman Douglas Flint said they are looking forward moving staff to Paris if required.

A source said banks are looking for excuses to stay and they are not seen enthusiastic for leaving United Kingdom. It is yet to see what excuses are viable.

Earlier this year Britons voted in a referendum favouring Brexit, exit of UK from EU. The new PM Theresa May said Article 50 for the withdrawal process would be initiated by March 2017.