HSBC chief says some 20 percent of activities will leave London (Photo: Gyver Chang)

IMF predicts 'pain' for UK, as banks prepare London exit

Brexit will not be “without pain”, said the head of the International Monetary Fund (IMF) Christine Lagarde on Wednesday (18 January), as more reports emerged of bank relocating jobs from London.

Lagarde welcomed UK prime minister Theresa May's speech on Tuesday, telling the BBC “less uncertainty is certainly better for the UK economy and for the rest of the European Union”.

But she noted that the IMF still thinks the Briti...

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