• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

Banks have shifted £900bn in assets from UK to EU since Brexit

More than 440 firms in banking and financial services have relocated part of their business, moved employees or set up new entities on the continent following Brexit.

Henry Goodwin by Henry Goodwin
2021-04-16 10:41
in Business, News
FacebookTwitterLinkedinEmailWhatsapp

Banks counting the cost of Brexit have moved or plan to move more than £900 billion in assets to the European Union – the equivalent of ten per cent of the entire UK banking system.

Figures compiled by think-tank New Financial reveal the extent of the changes wrought upon the City by Britain’s departure from the EU.

More than 440 firms in banking and financial services have relocated part of their business, moved employees or set up new entities on the continent following Brexit.

While banks have moved – or intend to move – more than £900bn in assets, insurance firms and asset managers have transferred over £100bn.

Dublin is the most popular destination for a quarter of firms, with 19 per cent choosing Paris – including Goldman Sachs, BNP Paribas and HSBC.

JP Morgan warned last week that it may be forced to consider moving its UK operations to Europe as a result of Brexit. The bank’s EMEA headquarters is in London – and it has sites in Bournemouth, Glasgow and Edinburgh.

New Financial identified 7,400 staff moves or local hires since the referendum in 2016; the think-tank expects that figure to increase in the coming years.

RelatedPosts

Watch: Tory Think Tank representative thinks Pincher story is ‘big fuss about not very much’

BBC confirms complaints against DJ Tim Westwood despite previously saying no evidence of accusations had been found

Rachel Johnson says she was verbally abused at Rolling Stones concert

Downing Street confirms Johnson WAS aware of concerns about Pincher but didn’t stop his whip appointment

“The worse news is that this analysis is almost certainly a significant underestimate of the real picture: many firms have slipped below our radar,” William Wright, managing director of New Financial said. 

“Given the limited equivalence deals in place, over time we expect there to be a drip-feed of business and activity from the UK to the EU.” 

Britain’s lucrative financial services industry has been mostly cut off from the EU – it’s biggest customer – since the transition period ended on 31 December. The sector is not covered by Boris Johnson’s newly-negotiated UK-EU trade deal.

Meanwhile the European Commission has warned that the Northern Ireland Protocol in the Brexit divorce settlement remains the only way to prevent the return of a hard border with the Republic.

Late-night talks between the commission vice-president Maros Sefcovic and Brexit minister Lord Frost aimed at resolving differences over the implementation of the protocol broke up without an agreement.

In a statement, a UK government spokesman said that while there had been “some positive momentum”, a number of “difficult issues” remain to be resolved. Both sides agreed there should be further “intensified contacts” in the coming weeks.

The protocol has been blamed as a factor behind a recent upsurge in violence in loyalist areas amid concerns in those communities that it potentially weakens their place in the United Kingdom.

Under its terms – designed to prevent the return of a hard border – Northern Ireland remains in the EU single market for goods, meaning that products coming from the rest of the UK are subject to border controls.

Unionist politicians have been calling for it to be scrapped, but in a statement following the meeting, the commission insisted that it was the only way to maintain an open border with Ireland in line with the Good Friday peace agreement.

“The vice-president reiterated the EU’s commitment to the protocol, which is the only way to protect the Good Friday (Belfast) Agreement and to preserve peace and stability, while avoiding a hard border on the island of Ireland and maintaining the integrity of the EU single market,” it said.

“Only joint solutions, agreed in the joint bodies established by the Withdrawal Agreement, can provide the stability and predictability that is needed in Northern Ireland.”

Related: Yet another high-ranking civil servant worked for Greensill

Tags: Brexit

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Boris Johnson says people have ‘had enough days off’ working from home

Their Finest: Film Review

Coronavirus UK – Hospital visitors stealing hand sanitiser amid coronavirus fears

Film Review : Ping Pong Summer

Long-Bailey urges Labour to make the most of Brexit

Photo emerges of Ghislaine Maxwell ‘sitting on Buckingham Palace throne’

Members’ Dining Room menu shared as minister tells Brits to buy value brands to cope with living cost crisis

Flashbacks to ’93: This Boy’s Life

The green shoots of Crowdfunding

Tory MP and self-styled ‘hardman of Brexit’ now says Brexit is a fiasco

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.