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Banking giant HSBC has threatened to move its headquarters away from the UK - and gave a stark warning about the economic risk of David Cameron’s plan for an EU referendum.

In a disastrous blow to the Tory campaign, Britain’s biggest firm warned of the “uncertainty” caused by Mr Cameron’s pledge of an ‘in/out’ referendum on membership of the EU.

The surprise announcement of a full-blown review into where the bank should base its operations left the PM and his Tory team stunned yesterday as they prepared tohit the general election trail.

HSBC is worth £120 billion by stock market value, but the bank’s chairman Douglas Flint listed the economic uncertainty created by the risk of the UK going alone.

Labour seized on the annoucement as evidence that the party’s pro-European stance was good for British business and warned the Tories were on the wrong side of the argument.

“David Cameron is playing fast and loose with Britain’s prosperity,” Labour’s shadow business secretary Chuka Umunna said.

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“HSBC could not have been clearer that the big risk on the horizon is the prospect of the UK exiting the EU.

“Its statement is a big snub to the Prime Minister and his European policy.”

HSBC has been headquartered in London since 1992 - but an informal meeting of investors is said to have led to questions about remaining in the UK capital.

Lib Dem Business Secretary Vince Cable admitted: “We have to take this threat of HSBC leaving the UK seriously.”

The threat is a hammer blow to the Tories’ hopes of being seen as the party of business.

It comes just days after George Osborne tried to claim that international investors fear a Labour government.

But HSBC chairman Douglas Flint made clear the biggest threat to the economy is Mr Cameron’s plan for a referendum in 2017 – which could see Britain leave the EU forever.

“One economic uncertainty stands out - that of continuing UK membership of the EU,” Mr Flint said.

(Image: Reuters)

He said the bank’s own research shows that staying in a reformed Europe would be “far less risky than going it alone, given the importance of EU markets to British trade”.

Mr Cameron was originally opposed an EU referendum - but was forced to backtrack by right-wingers in his own party and the looming threat of UKIP.

“David Cameron is allowing EU policy to be taken hostage by Nigel Farage,” Mr Umunna fumed.

The panicking PM tried to play down the warning from HSBC and said it showed pro-business policies are crucial.

“It is an important reminder of how vital it is that we keep a pro-enterprise, pro-business, pro-employment policy in our country,” Mr Cameron said.

But critics said it is the uncertainty Mr Cameron has created over Europe which is spooking Britain’s largest firms.

“We have seen it confirmed again with HSBC today,” fumed Labour leader Ed Miliband.

“I think this poses a grave risk to Britain’s position in the world.”

Unions said the impact on jobs of HSBC quitting the country could be disastrous.

Unite national officer for finance, Dominic Hook said: “The prospect of HSBC considering moving its HQ from London is just one of the negative backlashes that uncertainty about this country’s future in the EU is causing.

“Such a move would be a matter of serious concern for the 48,000 people that HSBC employs in the UK.

“We are asking for an urgent meeting with the management to thrash out the potential implications of such a move.

“We see great benefits for HSBC staying in the UK, as London remains the world’s premier financial powerhouse.”

Scandal-hit HSBC also blamed an industry clampdown for its threat to leave the country.

The whinging bank hit out at rule changes, triggering by the banking crisis in 2008.

They include a banking levy, which last year cost it £730million, and firms having to split their retail and investment bank.

(Image: PA)

Yet it is the same bank whose Swiss arm helped thousands of rich customers dodge paying taxes around the world, including in the UK.

Chairman Mr Flint told the bank’s annual general meeting in London yesterday that no decision on whether to move its HQ abroad had yet been made.

“We are beginning to see the final shape of regulation and of structural reform,” he said.

“As part of the broader strategic review taking place, the board has therefore now asked management to commence work to look at where the best place is for HSBC to be headquartered in this new environment.”

But one angry investor, Michael Mason-Mahon, blasted: “Which country are you likely to go to? How many countries have you not committed illegal and criminal behaviour in?”

And Simon Chouffot, spokesman for the Robin Hood Tax campaign, said: “It’s perverse that a bank which is knee-deep in scandals for fiddling markets, ripping off its customers and helping people dodge tax is considering moving overseas because it’s being asked to contribute a little more.

“Britain will best be served by standing up to the banks and ensuring they work in the wider interests of society - for too long it’s been the other way around.”