Bankers are concerned that their ability to work across the European Union is in danger

Theresa May is facing a battle to stop large parts of London’s financial centre moving to mainland Europe.

There are growing fears that British bankers face restrictions if they want to do business on the Continent.

The prime minister all but ruled out a Norway-style deal that would give the UK access to the EU single market.

“We should be driven by what is in the best interests of the UK and what is going to work for the European Union, not by the models that already exist,” she said in a news conference in Bratislava yesterday after meeting Slovakia’s prime minister.

This triggered alarm in the City as it signals the dwindling chances of preserving “passporting”; British bankers, insurers and other members of the