The UK prime minister is reportedly meeting bank bosses at Davos following news that several lenders are preparing to shift thousands of jobs out of London after Brexit. 

Heads of JP Morgan, HSBC and UBS have all confirmed Britain's decision to scrap single market access will have major implications for their UK operations. 

Jamie Dimon, chief executive of US bank JP Morgan, who is reportedly meeting Theresa May, told Bloomberg Television: 

JP Morgan employs 16,000 people in the UK, with London hosting its European headquarters, and has previously said around 4,000 jobs could go if Britain loses the right to sell financial services to the EU.

"The 4,000 was an estimate at the time, you know it could be more, it could be less, depending on negotiations," Mr Dimon said.

Stuart Gulliver, boss of British banking group HSBC, told the business broadcaster the bank is on course to move 1,000 jobs from its London office to France, where it already has a full service universal bank after buying up Credit Commercial de France in 2002.

Swiss bank UBS is also expected to shift jobs to the continent. 

BBC News Channel

BBC assistant political editor Norman Smith says it's interesting that Theresa May did not use her Davos speech to make any mention of the threat she issued earlier this week that the UK "will walk away" if it doesn't get a good deal on Brexit.

He said she did not talk about the UK being quite happy to rely on World Trade Organization rules - probably because it alarms a good section of business, particularly on tariffs and the potential impact on supply chains.

But he added it was "striking" that she did not temper her criticism "which has become a hallmark of her leadership" of the international elite, by saying to them "that you've got to change your ways".

Liberal Democrat leader Tim Farron claims Theresa May's Conservatives "are running our economy like it is a closing down sale".

Commenting on her speech to the World Economic Forum in Davos, he said:

Image source, Getty Images

The Dutch prime minister has warned that Britain will pay a "huge price" for putting immigration control ahead of being part of the single market.

Following Theresa May's speech on Tuesday where she set out a Brexit plan, Mark Rutte said her decision would have a "huge impact on the economic growth rate".

Speaking at the World Economic Forum in Davos, Mr Rutte said the UK "is now making a choice to control migration, and they are paying a huge price because the economic growth rate of the UK will be impacted negatively by the fact that it will leave the biggest market in the world".

He added: "So they are willing to pay the price, but it has also a consequence for the rest of Europe but particularly for the UK." 

Image source, PA

Mike Russell, who represents the Scottish government at the Brexit Joint Ministerial Committee meetings chaired by David Davis, told the BBC that he reckons Theresa May's speech "breached the terms" of the meetings, that the Scottish government was "meant to be involved in decisions, not being told what to do". 

The Scottish government is still arguing for the idea of Scotland staying in the single market and increasing devolution, which he said is "still realistic". 

As far as Mr Russell is concerned, the prime minister has not ruled out that option.

Scottish Secretary David Mundell says he doesn’t agree. 

He says his understanding is if you're a member of the single market you have to be a member of the EU and as Britain is leaving the EU "we won't be a member of the single market".

Asked if a second Scottish independence referendum is now more likely, he replied: "Not in my view."

Victoria Derbyshire

BBC assistant political editor Norman Smith says he did not expect Theresa May's speech to give so much emphasis to the downside of globalisation and with it, "implicit criticism of the international elite".

He said she suggested that too many bosses were not playing by the rules of paying their taxes, taking on board their social responsibility or spreading the benefits of growth and wealth.

"That's quite a tough message when you're talking about people in front of you," he said.

Norman Smith argues that Mrs May needs these people to be on board because they bring in billions of pounds of investment - she also needs them to be confident about Brexit.

He says her message to the international elite was "fairly blunt", that "you guys need to shape up the way you operate - we can't carry on as before", that the cult of the individual and globalisation is making people feel left behind, it's weakening the bonds and they've got to change their ways.

Image source, Reuters

Theresa May winds up her speech by saying she is "determined to make sure centre-ground mainstream politics can respond to the concerns people have today".

She says that she's determined to stand up for free markets, trade and globalisation and show how these can work for everyone.

"Change in order to conserve is more important than ever in today's geo-political environemnt," she says, adding that "it's the principle that guides me" as she leads Britain through "this period of change".