Dire warnings about an exodus of bankers from the UK in the event of Brexit are unfounded, according to two separate studies from influential financial bodies.

However, a new deal with Brussels would have to be established quickly if the UK voted to leave the European Union for London to maintain its position as a leading financial centre.

If the UK remained in the European Economic Area after quitting the EU, banks based here should still have access to EU markets on similar terms to those of today, according to the Association for Financial Markets in Europe (AFME), an industry group which includes global investment banks.

Credit ratings agency Moody’s believes the UK would use the two-year window between voting to leave and exiting to negotiate trade deals to retain access to much of the single market.