I came across this paragraph on an Adam Smith Institute blog:
However, given the threats by both HSBC and Barclays to relocate to Hong Kong and New York respectively, it is probable that the risk of losing their valuable tax revenues will prevail over any ideological reasons for compulsory separation.
It has always been my nature to want to counteract any threats, heavily, and immediately, and this enabled me to come up with an idea which could immediately counteract the threat.
Could not the government counter with a ruling that no bank, operating in the UK, may have more than ten branches if their head office is not based here? This would not concern Investment Banks but would be a major blow for High Street banks.
If the two major banks blackmailing the Government still carried out their threats, they would have to sell all their branches before relocating and this would probably mean a double loss. First of all the loss of business, and secondly, the loss of sales of real estate at a time when the economy is certainly not booming.