Bank says Brexit transition arrangement needs to be in place before end of year as uncertainty could curtail UK investment

The chief executive of HSBC has said Britain’s biggest bank will wait as a long as possible before shifting jobs out of London as a result of Brexit, but warned that continued uncertainty could curtail foreign investment in the UK.

Stuart Gulliver said that a transition arrangement, which industry groups have said needs to be in place by the end of the year, needed to contain clarity about the UK’s future relationship with the remaining 27 members of the EU to reassure overseas investors. “What [we’re] really keen to have is clarity. A transition with clarity would start investment again,” said Gulliver.

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