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A bit of scare-mongering before another "crucial" vote ... or just a repeat of earlier announcements?

Brexit sees financial firms fleeing Britain to the EU

A report released by a London think tank on Monday said that 275 financial firms are in the process of transferring a combined $1.2 trillion (€1.06 trillion) worth of funds, assets and staff from Britain to the EU. The "Brexitometer," published by the New Financial think tank, said that the moves are an "inevitable consequence" of the "political circumstances" surrounding Brexit.

Although the City of London's dominant position as a global financial center remains intact, the report highlights that Brexit has forced financial firms to prepare for whatever regulatory environment will emerge between the EU and Britain as Brexit negotiations continue.

[...]

Brexit fallout on UK finance intensifies - think tank| Dow Jones / Reuters |

The independent think tank said half of the affected asset management firms, such as Goldman Sachs Investment Management, Morgan Stanley Investment Management and Vanguard, had chosen Dublin, with Luxembourg the next port of call, attracting firms like Schroders, JP Morgan Wealth Management and Aviva Investors.

Nearly 90 percent of all firms moving to Frankfurt are banks, while two-thirds of those going to Amsterdam are trading platforms or brokers. Paris is carving out a niche for markets and trading operations of banks and attracting a broad spread of firms.

New Financial identified 5,000 expected staff moves or local hires, a figure that is expected to rise in coming years. A better measure of Brexit's impact is the scale of assets and funds being transferred, it said.

Brexit means London's financial star is falling. Which of its rivals is best placed to rise? | The Independent !


People walk through the Canary Wharf financial district of London. Reuters/Simon Dawson

I crossed this bridge daily on my stay in Millwall, London. On and near this bridge were a number of homeless persons/beggars. Even on the coldest day of winter weather ... The flight of Westminster conservatives from EU regulations.

Related reading ...

EU In a Political Crisis, Not a Migrant Crisis

Global Warming - distance between America and Europe is steadily increasing.

by Oui on Mon Mar 11th, 2019 at 12:19:47 PM EST

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