Brexit fears 'looming large' among City executives

Britain's growth will be weaker in 2018 than all other G7 nations, according to a report. 
Research of more than 100 financial services executives by Lloyds Bank found Brexit is seen as the biggest risk for the year ahead.
With one year to go before the UK leaves the European Union, cross-border access tops the list of specific worries.But most financial firms believe the economy will remain resilient this year."As the biggest industry in the UK, the financial services sector is a crucial bellwether for the nation's economic prospects," said Robina Barker Bennett, managing director of Lloyds Bank Commercial Banking."Fears about Brexit are looming large as the final countdown begins to March 2019"But our survey suggests that the UK economy will prove to be resilient and that it will come through the challenges of the next few months relatively unscathed."There is, however, a real risk that our growth will be slower this year than in all other advanced nations; and that we will fall to the back of the G7 pack."
Despite Brexit concerns, the majority of firms believe that the UK will remain the most prominent European financial services hub once the UK leaves the EU.Most firms (54%) say they are not thinking about moving any of their operations, but a quarter (26%) are considering a move - an increase from 18% in 2017 and 13% in 2016.Nevertheless, most of the firms that plan to relocate (57%) do not intend to shift more than 10% of their operations.There had been concerns that tens of thousands of jobs could be lost in the City of London.
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The London Stock Exchange put the figure at 232,000 by 2024, in the event of a "no deal" or "hard" Brexit scenario.A study by Reuters found 5,000 roles were now due to be shifted to the EU from London by 29 March 2019, the date of Britain's EU exit.
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