November 8, 2017 / 6:11 PM / a year ago

BoE's McCafferty says banks may activate Brexit plans next Spring without clarity

LONDON (Reuters) - Banks might start to activate contingency plans and possibly move business away from Britain if there is no clarity on the UK departure from the European Union by next Spring, Bank of England policymaker Ian McCafferty said on Wednesday.

“I suspect that we will start to see some things starting to happen if we don’t have any news certainly by next Spring,” McCafferty said on LBC radio when asked about bank’s contingency plans around Brexit.

Reporting by Alistair Smout and William Schomberg; editing by Stephen Addison

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