Big banks will lose key ‘passporting’ rights in event of hard Brexit, Weidmann warns

The U.K. financial sector stands to lose its key passporting rights that allow it to smoothly operate across the EU if Brits opt for a “hard Brexit,” Bundesbank president Jens Weidmann has warned.

In an interview with a U.K. newspaper, the German central bank boss and European Central Bank Governing Council member said London’s position as a global financial center could be at severe risk if the British government fails to negotiate a deal to remain within the European Union’s single market.

Some leading Conservative party members are currently pushing for a so-called hard Brexit option, which would end free movement between the U.K.

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