Don't count on the delay to Britain’s departure making life any easier for the City of London as it prepares for a new regulatory reality.
"Upwards of £1 trillion" is being taken out of the UK and transferred to Europe - C4 News
04/04/2019
Our Economics Correspondent @HeliaEbrahimi explains how no-deal Brexit preparations are impacting the UK economy.
In the political realm, no one knows how Brexit’s long-running theater of the absurd will end. But for much of the business world, Britain’s departure from the European Union has effectively happened.
The financial industry has started to trigger its contingency plans as a no-deal Brexit looks increasingly likely with just days to go until Brexit.
The staff of 100 financial firms are moving to Ireland due to Brexit. How will that go?
More than 275 financial firms are moving a combined $1.2 trillion (£925 billion) in assets and funds and thousands of staff from Britain to the European Union in readiness for Brexit at a cost of up to $4 billion, a report from a think tank said on Monday.
Banks, asset managers and insurers have already moved nearly £1 trillion of assets out of the UK and to other European countries ahead of Brexit, with more likely to be shifted in coming months, according to new research.
Britain’s second largest insurer will move the money one minute before the UK leaves EU on 29 March.
Banking giant gets all-clear from High Court to move clients' money - financial firms expected to shift £800bn by 29 March.
Columbia Threadneedle has revealed plans to transfer the assets of European clients currently in its range of UK domiciled funds into the equivalent Sicav products domiciled in Luxembourg.
Twenty companies have announced plans for no-deal scenario but true number could be higher. Financial services firms are preparing to move £800bn of assets out of Britain to Europe as part of Brexit contingency plans, a report has revealed.
Financial firms will shift almost £800bn of assets from the UK to the Continent ahead of Brexit on 29 March, according to new analysis. / City firms have continued to relocate staff and assets away from London to Europe in the face of increasing uncertainty over the UK’s relationship with the EU.