LONDON: HSBC Britain’s biggest bank, has issued a stark warning about the economic risks of the UK pulling out of the European Union as it revealed it was considering moving its headquarters out of London.
The surprise announcement of a full-blown review into where the bank should base its operations will stun politicians on the general election campaign trail.
HSBC listed the economic uncertainty created by the risk of the UK going alone – a blow to the Conservatives which have pledged to hold an “in-out” referendum on the EU.
Its shares jumped over 3% after the statement, which was released before the bank’s annual shareholder meeting in London. The rise added almost £4bn to the value of HSBC – already one of the most valuable companies on the London stock market.
