Last week it was reported that the government was not going to offer the banks any special protection from the impact of Brexit (HERE). After May's opening speech to the party conference which was widely understood to mean we were heading for a "hard" Brexit the pound tanked on foreign exchange markets and this morning dropped below $1.27 briefly.
Yesterday she moved to "allay fears" (HERE) that Brexit would mean British firms losing the ability to operate in the single market. These are the mixed messages that exasperate those in the EU who think we have not yet found the words to tell people we cannot have our cake and eat it.
This morning a report by Oliver Wyman, a business consultant working on behalf of The City, says the UK banking industry is worth between £190 and £205 billion to us and generates tax revenues of £60-£70 billion annually (HERE) and (HERE). The report claims up to 70,000 jobs and up to £40 billion in lost revenue are at risk.
Either the government still doesn't understand the risk or is playing the highest stakes poker game ever. We shall see.
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