Over the past couple of weeks The Field Effect has been analysing the potential impact of Brexit on the banking industry. The only certainty is uncertainty, which is limiting the ability of firms to effectively plan their reaction. It is, however, highly likely that for political reasons the United Kingdom will leave the European Economic Area. Immigration was a hot-button topic during the campaign, many who voted to leave did so on this single issue. The European Union has already intimated that the free movement of people is a non-negotiable requirement of membership in the EEA. It is difficult to imagine a domestic politician ignoring those who believe that immigration needs to be curbed and bowing to demands for free movement.

It is therefore reasonable to assume that a different relationship will need to be carved out. After a great deal of research we have identified 28 different potential impacted areas ranking 12 as a ‘significant impact’, over the coming weeks we will be sharing this analysis with you. We also have some interesting stats on the status of legal entities under the passporting regime. Watch this space!