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Deutsche Bank mulls UK EU exit plan | Deutsche Bank mulls UK EU exit plan |
(about 7 hours later) | |
Deutsche Bank has set up a "working group" to review whether to move parts of its British divisions to Germany if the UK leaves the EU. | Deutsche Bank has set up a "working group" to review whether to move parts of its British divisions to Germany if the UK leaves the EU. |
The working group has been established, but it is "early days and no decisions have been made", a spokesperson for the bank told the BBC. | |
Prime Minister David Cameron has promised a referendum on the UK's EU membership by the end of 2017. | Prime Minister David Cameron has promised a referendum on the UK's EU membership by the end of 2017. |
Deutsche Bank employs 9,000 people in the UK. | Deutsche Bank employs 9,000 people in the UK. |
It is the first of the banks to publicly state that it is formally examining the potential fallout from the referendum, according to the Financial Times, which first reported the story. | It is the first of the banks to publicly state that it is formally examining the potential fallout from the referendum, according to the Financial Times, which first reported the story. |
Many businesses have urged the government to bring forward the referendum to end the prolonged wait. | Many businesses have urged the government to bring forward the referendum to end the prolonged wait. |
Earlier on Monday, British Chambers of Commerce director general John Longworth told the BBC that an in-out referendum should "take place as soon as is practical". | Earlier on Monday, British Chambers of Commerce director general John Longworth told the BBC that an in-out referendum should "take place as soon as is practical". |
Mr Longworth said that 55% of his members were in favour of a "reformed Europe", and said the "in-out debate is more nuanced than a lot of people would have us believe". | Mr Longworth said that 55% of his members were in favour of a "reformed Europe", and said the "in-out debate is more nuanced than a lot of people would have us believe". |
The chairman of construction equipment maker JCB also said earlier that the UK should not fear an exit from the European Union. | The chairman of construction equipment maker JCB also said earlier that the UK should not fear an exit from the European Union. |
"We are the fifth or sixth largest economy in the world. We could exist on our own - peacefully and sensibly," Lord Bamford told BBC Midlands Today. | "We are the fifth or sixth largest economy in the world. We could exist on our own - peacefully and sensibly," Lord Bamford told BBC Midlands Today. |