Top banks to field MEP candidates across the UK to protect the City's interests

The prospect of British voters being asked to participate in next month's European Parliament elections has triggered an audacious move by some of the UK's biggest banks to field candidates in a bid to protect the Square Mile's interests, City A.M. understands.

With a lengthy extension to the Brexit process now on the cards, some of the City's largest financial institutions have taken the highly unusual step of drawing up a slate of candidates from within their ranks to stand as MEPs across the country.

One figure involved with the plan, which has been codenamed Operation Take Back Control, told City A.M. that the Brexit crisis has emboldened bankers to enter the democratic process and take the City's case directly the European parliament.

A source said: "Frankly this has been a long time coming," adding "politicians have completely failed the City and good lobbyists are hard to come by, so it's a logical step to send bankers to the European Parliament from where they can keep a close eye on our interests."

One pin-striped candidate preparing to fight on the City's ticket for a seat in South West told City A.M. "I have to pretend to be interested in things like fishing and rural development spending, but once they elect me my only interest in Brussels will be fighting against the bonus cap."