Banks are pressing to be allowed up to three further years to get their heads above the clouds on complex changes as well as the two-year period that will be triggered by Article 50

Banks are demanding up to five years to deal with the consequences of Britain’s departure from the European Union, a move that if successful could prompt accusations of favouritism and incur the wrath of those campaigning for a swift exit.

Britain’s lenders are pressing to be allowed up to three further years to arrange their affairs for Brexit on top of the two-year period that will be triggered when Theresa May invokes Article 50. They say they need more time because of the complexities of having to move big operations away from the UK.

An additional “bridging agreement” added to the Brexit timetable could push the formal departure to as late as 2023, if Article 50 is invoked next year.

Bankers believe that they have