UK banks will lose passporting rights outside the Single Market, says Bundesbank chief

Banks based in Britain will lose their right to operate across the EU should Britain leave the Single Market, the head of Germany's central bank has said.

Speaking today [Sunday 18 September], Bundesbank President Jens Weidmann said UK banks would lose their passporting rights if the UK left the Single Market, making it likely that many would seek to relocate to Frankfurt.

Commenting for the Open Britain campaign, Anna Soubry MP said:

"On the day Leave campaigners say they want to leave the Single Market, Germany's top banker says this will severely damage our vital financial services sector.

"Cold, hard reality is setting in for those who want a hard Brexit. The consequences will be felt in peoples' jobs.

"All the evidence shows that outside the Single Market, the UK's services and manufacturing sectors would be under threat. This must be the priority for the government's renegotiation."