Workers are seen in office windows in the financial district of Canary Wharf in London, Britain, November 3, 2015. REUTERS/Kevin Coombs
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Banks in the U.K. will start relocating operations out of the country by year-end, months before formal talks to leave the European Union begin, as London looks set to lose access to the EU single market, the head of the British Bankers Association said in a commentary.Prime Minister Theresa May's government has sought to quell fears of some financial executives that negotiations with the EU will leave the industry without passporting rights, which allow financial companies to sell services freely around the EU.Relying on third parties to maintain a degree of access to EU markets will not be not enough to persuade international banks to stay in London, as some pro-Brexit politicians in the U.K. have argued, Browne wrote.
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