The ultimatum was delivered at a round-table meeting with Mrs May in New York this week attended by a host of key US investors, including major City investors such as Goldman Sachs, Morgan Stanley and BlackRock.
According to an account of the meeting obtained by The Telegraph, Mrs May declined to provide information about how the British government would approach the Brexit negotiations, other than pursuing a deal that was “in the national interest”.
There followed “frank exchanges” in which bosses warned they could not wait to discover the final outcome of the two-year Article 50 negotiations before making major investment decisions that could see thousands of UK jobs shift to Europe.
“The message was clear from at least some of those present: if Theresa May cannot provide some early clarity about where the negotiations will end up, the only way to avoid that uncertainty would be a move towards Europe – there will not be time to wait,” said the City source with knowledge of the meeting. [...]
According to the account of the New York meeting, banks now accept the likely loss of EU pass-porting but warned Mrs May there must be guaranteed transitional arrangements to give firms the time and certainty they need to adapt to the new regime. [...]
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