Fears EU Brexit delays will spur bank exodus to eurozone
EU Brexit negotiators are insisting Britain agrees to its European divorce settlement before Brussels offers any transitional deal, expecting international banks to get cold feet over losing “passporting” rights and start shifting operations from London to the eurozone...
That process has already started with Lloyd’s of London, the 328-year-old insurance market, becoming the first major City business to put a timetable on plans to move a part of its operations to the EU in preparation for Brexit.
Last week a group of Japanese financial institutions told the British government they would begin moving functions from London within six months unless they received clarity on the UK’s future relationship with the EU.
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Quote:
Originally Posted by OLD BOY
But it is complicated, Andrew. You can't blame the Government for that. It was the British people who voted for Brexit, after all!
This is certainly not a straight forward process and the Government is right to be taking a bit of time to study the consequences of this before entering into negotiations.
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I do blame the Government for asking the civil service to prepare financial and staffing plans in the event of Brexit without defining what Brexit will mean. And I do blame the Government for not disclosing its plans as doing so should help prevent British job relocations.