"All will change" for banks after Brexit - EU head

Brexit will change everything for Britain's banks and other financial services firms in the European Union, European Commission President Ursula von der Leyen said on Wednesday. "It is a matter of trade-off and choices, and nothing will be as it was before, all will change, we have to accept that fact," von der Leyen said during an event at the London School of Economics.

Banking makes up the biggest part of Britain's economy, but she said there needed to be a difference to the rules that apply to EU member states and those not in the bloc. "A very important field, financial services, there too, all will change," she said.

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