At least 130 financial firms are expected to apply for a UK licence ahead of Brexit, a top Bank of England official has said.

Britain's central bank has been digesting more than 400 responses to its call for financial institutions' plans for the UK's withdrawal, including the possibility of a 'no deal' scenario with the EU.

Sam Woods, deputy governor for the Bank of England, told an event in London on Tuesday that he expected "at least 130 applications to be authorised here in the UK".

But he warned EU financial institutions were lagging behind their British counterparts in planning for life after March 2019.