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How Brexit Is Already Breaking Britain
Banks and financial institutions have shifted at least $1 trillion worth of assets out of the UK and into the European Union because of Brexit, EY [Ernst & Young Global Limited - see ey.com] have claimed in a report published this week.
Many banks have set up new offices in Europe to safeguard their regional operations, which means they have moved substantial assets over to satisfy EU regulators.
Other firms are moving assets to protect clients against market volatility and sudden changes in regulation.
In total at least £800 billion, or 10 per cent of the total assets of the UK banking sector, has been moved, according to “conservative estimates”.
Omar Ali, head of financial services at EY, said: “Our numbers only reflect the moves that have been announced publicly.
“We know that behind the scenes firms are continuing to plan for a ‘no deal’ scenario.”
Deutsche Bank, Goldman Sachs and Citi have moved parts of their business out of the United Kingdom with Dublin, Luxembourg, Frankfurt and Paris among the most popular destinations.
More assets are likely to be moved over the coming weeks, with Ali noting that “the closer we get to March 29 without a deal, the more assets will be transferred and headcount hired locally or relocated.”
London has been Europe’s undisputed financial capital for decades, and is home to the international headquarters of dozens of global banks.
The financial services industry employs 2.2 million people across the country, and contributes 12.5 per cent of GDP.
It generates £72 billion in tax revenue each year, according to the City of London Corporation.
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Many banks have set up new offices in Europe to safeguard their regional operations, which means they have moved substantial assets over to satisfy EU regulators.
Other firms are moving assets to protect clients against market volatility and sudden changes in regulation.
In total at least £800 billion, or 10 per cent of the total assets of the UK banking sector, has been moved, according to “conservative estimates”.
Omar Ali, head of financial services at EY, said: “Our numbers only reflect the moves that have been announced publicly.
“We know that behind the scenes firms are continuing to plan for a ‘no deal’ scenario.”
Deutsche Bank, Goldman Sachs and Citi have moved parts of their business out of the United Kingdom with Dublin, Luxembourg, Frankfurt and Paris among the most popular destinations.
More assets are likely to be moved over the coming weeks, with Ali noting that “the closer we get to March 29 without a deal, the more assets will be transferred and headcount hired locally or relocated.”
London has been Europe’s undisputed financial capital for decades, and is home to the international headquarters of dozens of global banks.
The financial services industry employs 2.2 million people across the country, and contributes 12.5 per cent of GDP.
It generates £72 billion in tax revenue each year, according to the City of London Corporation.
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The financial markets jump on all opportunities to make a killing. Brexit is just another opportunity to do more of the same.
IF the remainextremists had not been so extreme and had put as much effort into leaving in a meaningful way the vast majority of the potential problems would have been mitigated to a much larger degree.
As it is remainextremists will kill the country and blame Brexit.
IF the remainextremists had not been so extreme and had put as much effort into leaving in a meaningful way the vast majority of the potential problems would have been mitigated to a much larger degree.
As it is remainextremists will kill the country and blame Brexit.
Ahh EY the globalist advisers to Multinational Companies on how to avoid paying their taxes.( They are not bankers)
The same EY that was fined $9.3 million for improper client relationships. Hope they are going too. CEO named Weinstein, personal friend of the infamous Hungarian "philanthropist" that social media sites appear not to like being to be named. I thought that the layboors would have been all over them with a name like Weinstein.
The same EY that was fined $9.3 million for improper client relationships. Hope they are going too. CEO named Weinstein, personal friend of the infamous Hungarian "philanthropist" that social media sites appear not to like being to be named. I thought that the layboors would have been all over them with a name like Weinstein.
//It was precisely because we could see this mess coming that we are Remainers. //
Disingenuous nonsense. You couldn't see this mess coming because a 'deal' wasn't on the agenda. According to the Prime Minister of the day, Leave meant Leave with no ifs and buts - and that's why you are Remainers and that's why you have fought tooth and nail to thwart that pledge. Well, you've done it - be it on your own heads.
Disingenuous nonsense. You couldn't see this mess coming because a 'deal' wasn't on the agenda. According to the Prime Minister of the day, Leave meant Leave with no ifs and buts - and that's why you are Remainers and that's why you have fought tooth and nail to thwart that pledge. Well, you've done it - be it on your own heads.
let's be clear, serious multinationals have legions of tax advisers to minimise their tax exposure, Brexit or no Brexit - tax management in oil and gas can equate to the downstream profits.
Ditto major supermarkets, ditto major car corps and the way they manipulate OEM1, 2 and 3 parts manufacturers for exchange rates and then tax.
It's the small-mid-sized companies and producers are exposed.
I'm with kval as to why...and that change should be from within as my reading of your average French entrepreneur is the same as here and that this all could have been avoided if the EU had addressed the 'first right of employment issue'...... I still am - though as to Brexit now we are so far in, I'm hoping that the EU offer some decent olive branches in the next 5 days as No Brexit will kill them as much as us.....though there is an enormous amount of hype shooting around as in we are not going to run out of food or drugs or......
Ditto major supermarkets, ditto major car corps and the way they manipulate OEM1, 2 and 3 parts manufacturers for exchange rates and then tax.
It's the small-mid-sized companies and producers are exposed.
I'm with kval as to why...and that change should be from within as my reading of your average French entrepreneur is the same as here and that this all could have been avoided if the EU had addressed the 'first right of employment issue'...... I still am - though as to Brexit now we are so far in, I'm hoping that the EU offer some decent olive branches in the next 5 days as No Brexit will kill them as much as us.....though there is an enormous amount of hype shooting around as in we are not going to run out of food or drugs or......
The mess has been created by remain. It would have been less messy if they had worked together to get out.
If this debacle can be likened to a divorce then one side has been making such a fuss and doing everything in their powers to stop the spouse from leaving that noth8ng good will happen.
Typical of remainers to not see what a mess they are forcing on the country.
If this debacle can be likened to a divorce then one side has been making such a fuss and doing everything in their powers to stop the spouse from leaving that noth8ng good will happen.
Typical of remainers to not see what a mess they are forcing on the country.
Or not though Cassa, why on earth would I or any other remainer change our positions, our job it to try to prevent Brexit not help Brexiteers stuff the country up in any particular way they choose. I have always said that Brexit will never happen and it's looking surer and surer that it won't. A no deal Brexit is by no means our only option, we could just retire from the whole idea gracefully.
This whole thing is cursed by the fact that the terms of Article 50 and it’s “default exit deadline” mean that combined with the government’s slender majority, a handful of the more extreme Brexiters can hold the process to ransom by obstructing the deal in the belief we’ll leave early.
Slowly the government is losing control of parliament. As the latest two defeats show. If no deal goes ahead quite a few Tory MPs will leave the party which will almost certainly cause its downfall.
Slowly the government is losing control of parliament. As the latest two defeats show. If no deal goes ahead quite a few Tory MPs will leave the party which will almost certainly cause its downfall.
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