Banks, Businesses React With Mounting Alarm Over Brexit

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British banking giant Barclays has drawn up plans to shift more than $200 billion worth of assets from London to Dublin amid mounting business alarm that Britain is more likely now to leave the European Union without an exit deal.

With Prime Minister Theresa May’s ruling Conservative government now backing away from a contentious withdrawal agreement negotiated in November and locked in a standoff with Brussels, Britain is heading for a scheduled March 29 departure without any kind of negotiated exit agreement. That means tariffs would have to be imposed on goods moving back and forth across the English Channel. It would also block market access to the EU for banks based in Britain.

British and international firms with European headquarters in London have become increasingly angry with the Brexit crisis. Earlier in January, in at times a testy conference call, 331 business leaders, including from U.S. banking giants and major companies like Amazon and Apple, were assured by senior government ministers that a no-deal exit would be taken off the table and that Britain wouldn’t part company with its largest trading bloc until a deal had been struck.

Since then, though, there has been no resolution to the major differences between Britain and the other 27 EU member states - if anything, frustrations have deepened with EU officials maintaining Monday that they are not prepared to reopen negotiations on the withdrawal agreement, which a deeply divided British House of Commons refused to endorse in January.