Brexit fallout on UK finance intensifies - think tank

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Published 2 weeks ago - Duration: 01:31s

Brexit fallout on UK finance intensifies - think tank

More than 275 financial firms are moving a combined $1.2 trillion 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.

David Pollard reports.

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Brexit fallout on UK finance intensifies - think tank

Brexit hasn't happened quite yet - but the fallout is happening .... For Britain's financial services.

More than 275 financial firms are moving a combined 1.2 trillion dollars in assets and funds ... And thousands of staff From Britain to the European European.

That, from a report by the New Financial think tank .... Which says Dublin alone accounted for 100 relocations, ahead of Luxembourg, Paris, Frankfurt and Amsterdam.

Attracting asset management firms such as Goldman Sachs Investment Management and Morgan Stanley Investment Management.

New Financial identified 5,000 expected staff moves or local hires, a figure expected to rise in coming years.

(UPSOT) (English) EUROPEAN COMMISSION CHIEF SPOKESMAN, MARGARITIS SCHINAS, SAYING: "It is now for the House of Commons to take an important set of decisions this week." The report comes in a critical week for Britain .... The government - after failing to win last-minute concessions from the EU - faces the prospect of a stinging defeat for its Brexit withdrawal plan .... In a series of votes in parliament that could put the UK on course towards a hard Brexit - or a Brexit delay.

But Britain is well prepared for whatever form Brexit takes, according to the report, Though a 10 percent shift in banking and finance activity would cut UK tax receipts by about 1 percent, it says.

Relocations have cost firms three to four billion dollars.

London, though, will remain, it predicts, the dominant financial centre for the foreseeable future.

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