According to the newspaper, the plan focuses on the "mutual access," which would allow companies from both the United Kingdom and the European Union to work in each other's markets without any limitations after London's potential withdrawal from the single market.
The newspaper reported that the initiative led by former UK City Minister Mark Hoban was unofficially supported by several representatives of the country's government.
The concerns about London's future as the major European financial center emerged after the majority of Britons backed the country's withdrawal from the European Union. Several financial institutions, including Russia's VTB have already announced that they would move their European offices out of the UK capital to other cities of the continent after the country left the 28-nation bloc.