webfact Posted March 11, 2019 Share Posted March 11, 2019 Brexit fallout on UK finance intensifies: think tank By Huw Jones FILE PHOTO: Rain clouds pass over Canary Wharf financial financial district in London, Britain July 1, 2016. REUTERS/Reinhard Krause/File Photo LONDON (Reuters) - 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. UK lawmakers are due to vote on Tuesday on an EU divorce settlement. But with less than three weeks to go before Brexit day on March 29, it is still unclear whether the deal will be approved, whether departure from the EU will be delayed, or whether it will happen without agreement. The report by the New Financial think tank, one of the most detailed yet on the impact of Brexit on financial services, said Dublin alone accounted for 100 relocations, ahead of Luxembourg with 60, Paris 41, Frankfurt 40, and Amsterdam 32. 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. Ten large banks and investment banks are together moving 800 billion pounds of assets from Britain - or 10 percent of banking assets in the country. A small selection of insurers have shifted a combined 35 billion pounds in assets, and a handful of asset managers have moved a total of 65 billion pounds in funds. William Wright, founder and managing director of New Financial, said the hit to London was bigger than expected and would get worse. "Business will continue to leak from London to the EU, with more activity being booked through local subsidiaries," Wright said. "This will reduce the UK's influence in European banking and finance, reduce tax receipts from the industry, and reduce financial services exports to the EU." A 10 percent shift in banking and finance activity would cut UK tax receipts by about 1 percent, the report said. Relocations have cost firms $3 billion to $4 billion, which will be passed on to customers and shareholders, the report said. But the breadth and depth of relocations so far, combined with pacts between regulators in Britain and the EU, mean the industry is well prepared for whatever form Brexit takes, New Financial said. London will remain the dominant financial center for the foreseeable future, but other European cities will chip away at London's lead over time, it added. New Financial chart: (Reporting by Huw Jones; Editing by Mark Potter) -- © Copyright Reuters 2019-03-11 Link to comment Share on other sites More sharing options...
Popular Post dick dasterdly Posted March 11, 2019 Popular Post Share Posted March 11, 2019 Good grief, project fear is really ramping up ☹️. Who is, and who supports "the New Financial think tank"? 6 1 Link to comment Share on other sites More sharing options...
Popular Post Chomper Higgot Posted March 11, 2019 Popular Post Share Posted March 11, 2019 Project reality shows up (backed with data). AKA evidence of what is actually happening. So it turns out Rees-Mogg is not the only one ‘off-shoring’ in response to Brexit. Look on the bright side, at least some have a Brexit plan. 7 4 3 Link to comment Share on other sites More sharing options...
Popular Post welovesundaysatspace Posted March 11, 2019 Popular Post Share Posted March 11, 2019 Welcome to Europe! Great news. Many thanks to the Brexiteers as well. 3 4 Link to comment Share on other sites More sharing options...
Popular Post wombat Posted March 11, 2019 Popular Post Share Posted March 11, 2019 No deal, No problemhttps://web.facebook.com/DemocraziaVerde/videos/275977272757274/?hc_location=ufi 2 1 1 Link to comment Share on other sites More sharing options...
Popular Post soalbundy Posted March 11, 2019 Popular Post Share Posted March 11, 2019 Oh dear this was all going to be so easy. The Brexiteers are getting their country back,perhaps, and the wheels of industry and commerce are silent. Still never mind, there's always benefits and the refugees won't be arriving in droves, they'll be going somewhere where they can eat. ???? 3 1 1 Link to comment Share on other sites More sharing options...
Popular Post welovesundaysatspace Posted March 11, 2019 Popular Post Share Posted March 11, 2019 46 minutes ago, wombat said: No deal, No problemhttps://web.facebook.com/DemocraziaVerde/videos/275977272757274/?hc_location=ufi When the response to an economy being wrecked is a collage of propaganda stickers, do Brexiteers really expect to be taken seriously? 8 Link to comment Share on other sites More sharing options...
Popular Post dunroaming Posted March 11, 2019 Popular Post Share Posted March 11, 2019 3 hours ago, dick dasterdly said: Good grief, project fear is really ramping up ☹️. Who is, and who supports "the New Financial think tank"? Yes it's always the "Project Fear" chant whenever news like this breaks. The biggest and most consistent conspiracy theory of all time according to Brexiteers. Two of my neighbours have For Sale boards outside their houses because they are being moved to Frankfurt. Both work for Banks in the City albeit different ones. Still, they are probably just making it up. One is an Italian (been here for eleven years) and the other from the USA (a relative newcomer who has been here for seven years). No doubt some of the Brexiteers will be happy to see them go as they are foreigners anyway. 4 1 Link to comment Share on other sites More sharing options...
George Aylesham Posted March 11, 2019 Share Posted March 11, 2019 2 hours ago, soalbundy said: Oh dear this was all going to be so easy. The Brexiteers are getting their country back,perhaps, and the wheels of industry and commerce are silent. Still never mind, there's always benefits and the refugees won't be arriving in droves, they'll be going somewhere where they can eat. ???? Link to comment Share on other sites More sharing options...
George Aylesham Posted March 11, 2019 Share Posted March 11, 2019 Latest immigration figures show a huge increase in non-EU immigrants and large numbers of EU citizens leaving the UK. Is this really what the Brexiteers wanted? Link to comment Share on other sites More sharing options...
LucysDad Posted March 11, 2019 Share Posted March 11, 2019 13 minutes ago, George Aylesham said: Latest immigration figures show a huge increase in non-EU immigrants and large numbers of EU citizens leaving the UK. Is this really what the Brexiteers wanted? That is not good news for their home countries... I imagine that there are still enough to ensure that the vegetable crops in Lincolnshire get harvested. Link to comment Share on other sites More sharing options...
Baerboxer Posted March 11, 2019 Share Posted March 11, 2019 6 hours ago, dick dasterdly said: Good grief, project fear is really ramping up ☹️. Who is, and who supports "the New Financial think tank"? Yeah right. All scaremongering and project fear eh? Why on earth would any of these firms move operations to counties in the EU when they can stay in lovely London? All that bullshit about problems. Just those sill Remainers stirring up fear again. Expect these companies will come out soon and denounce this as fake news and say how they'd never leave good old Britain Brexiters - believe more fairy stories than Hans Christian Anderson and the Brother's Grimm! 1 1 Link to comment Share on other sites More sharing options...
Popular Post Baerboxer Posted March 11, 2019 Popular Post Share Posted March 11, 2019 57 minutes ago, George Aylesham said: Latest immigration figures show a huge increase in non-EU immigrants and large numbers of EU citizens leaving the UK. Is this really what the Brexiteers wanted? Most Brexiters I know seem to think that all the illegal undesirable immigration actually comes from EU countries and the freedom of movement rules. Don't tell them otherwise - they'll claim it's only project fear! 1 2 Link to comment Share on other sites More sharing options...
dunroaming Posted March 11, 2019 Share Posted March 11, 2019 58 minutes ago, George Aylesham said: Latest immigration figures show a huge increase in non-EU immigrants and large numbers of EU citizens leaving the UK. Is this really what the Brexiteers wanted? Some of them did. I understand that there are several initiatives to bring more people into the UK to cover the losses of staff in the hospitals and the care industry. We already need more people to come here to live and work and that will increase substantially as time goes by. Link to comment Share on other sites More sharing options...
Popular Post LucysDad Posted March 11, 2019 Popular Post Share Posted March 11, 2019 11 minutes ago, Baerboxer said: Most Brexiters I know seem to think that all the illegal undesirable immigration actually comes from EU countries and the freedom of movement rules. Don't tell them otherwise - they'll claim it's only project fear! That is what you want to think. All the Brexiteers that I know have a clear understanding of Freedom of Movement. Only a tiny minority from the extreme right advocated ethnic cleansing and repatriation..... no sane person would want that. FoM without some form of control cannot work when you have almost 30 member states, several of whom are p1ss poor. Most fellow Brexiteers have issues with control of immigration and the UK Benefits system, rather than FoM per se. 3 Link to comment Share on other sites More sharing options...
Popular Post nauseus Posted March 11, 2019 Popular Post Share Posted March 11, 2019 One report from a bankers dinner club and the usual rabid remainers run riot with rot and rubbish. Carry On Rabbiting. The rest, Keep Calm. 6 1 2 Link to comment Share on other sites More sharing options...
bomber Posted March 11, 2019 Share Posted March 11, 2019 2 hours ago, LucysDad said: That is not good news for their home countries... I imagine that there are still enough to ensure that the vegetable crops in Lincolnshire get harvested. nissan,toyota,bmw and honda workers will retrain as tattie pickers,iam sure they will rejoice in working for peanuts. 1 Link to comment Share on other sites More sharing options...
LucysDad Posted March 11, 2019 Share Posted March 11, 2019 24 minutes ago, bomber said: nissan,toyota,bmw and honda workers will retrain as tattie pickers,iam sure they will rejoice in working for peanuts. I am sure they will benefit from the minimum wage........... or claim benefits. 2 Link to comment Share on other sites More sharing options...
Popular Post Chomper Higgot Posted March 11, 2019 Popular Post Share Posted March 11, 2019 1 hour ago, nauseus said: One report from a bankers dinner club and the usual rabid remainers run riot with rot and rubbish. Carry On Rabbiting. The rest, Keep Calm. Except this one has hard numbers attached. 2 1 Link to comment Share on other sites More sharing options...
bomber Posted March 11, 2019 Share Posted March 11, 2019 32 minutes ago, LucysDad said: I am sure they will benefit from the minimum wage........... or claim benefits. How will they benefit from minumium wage???? Link to comment Share on other sites More sharing options...
bomber Posted March 11, 2019 Share Posted March 11, 2019 2 hours ago, nauseus said: One report from a bankers dinner club and the usual rabid remainers run riot with rot and rubbish. Carry On Rabbiting. The rest, Keep Calm. Can you post some examples of jobs created because of brexit Link to comment Share on other sites More sharing options...
tomacht8 Posted March 11, 2019 Share Posted March 11, 2019 (edited) But But But On the 29th of March, paradise should open over the UK. Incredible trade deals should come, hefty salary increases for all, 5 star health care for all native inhabitants, the fattest fish should come on the dinner plate, free apartments and houses in the best locations, EU Foreigner free villages and cities, new own laws, complete independence and blue Passports. And now that. Such bad news from the banking sector are then particularly difficult to digest. Edited March 11, 2019 by tomacht8 1 Link to comment Share on other sites More sharing options...
nauseus Posted March 11, 2019 Share Posted March 11, 2019 2 hours ago, bomber said: Can you post some examples of jobs created because of brexit Department for Exiting the European Union Click the link to read the wonderful withdrawal agreement. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/759019/25_November_Agreement_on_the_withdrawal_of_the_United_Kingdom_of_Great_Britain_and_Northern_Ireland_from_the_European_Union_and_the_European_Atomic_Energy_Community.pdf 1 Link to comment Share on other sites More sharing options...
bomber Posted March 11, 2019 Share Posted March 11, 2019 10 minutes ago, nauseus said: Department for Exiting the European Union Click the link to read the wonderful withdrawal agreement. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/759019/25_November_Agreement_on_the_withdrawal_of_the_United_Kingdom_of_Great_Britain_and_Northern_Ireland_from_the_European_Union_and_the_European_Atomic_Energy_Community.pdf it says no jobs created Link to comment Share on other sites More sharing options...
bomber Posted March 11, 2019 Share Posted March 11, 2019 2 hours ago, tomacht8 said: But But But On the 29th of March, paradise should open over the UK. Incredible trade deals should come, hefty salary increases for all, 5 star health care for all native inhabitants, the fattest fish should come on the dinner plate, free apartments and houses in the best locations, EU Foreigner free villages and cities, new own laws, complete independence and blue Passports. And now that. Such bad news from the banking sector are then particularly difficult to digest. dont forget most benefit scroungers will be expecting an increase in benefits with all the foreigners gone, 1 Link to comment Share on other sites More sharing options...
nauseus Posted March 11, 2019 Share Posted March 11, 2019 13 minutes ago, bomber said: it says no jobs created It says BRINO Link to comment Share on other sites More sharing options...
bomber Posted March 11, 2019 Share Posted March 11, 2019 4 minutes ago, nauseus said: It says BRINO 150000 turkeys in the motor industry spared the chop then,still awaiting your reply to my jobs created to do with brexit question. Link to comment Share on other sites More sharing options...
Scott Posted March 11, 2019 Share Posted March 11, 2019 Posts violating Fair Use Policy removed along with reply. YOU CAN ONLY QUOTE A HEADLINE AND 3 LINES AND THEN A LINK TO THE REMAINDER OF THE ARTICLE. Please adhere to the policy. Link to comment Share on other sites More sharing options...
SheungWan Posted March 11, 2019 Share Posted March 11, 2019 The fallout would accelerate with Hard Brexit, so the Government keen to avoid that pothole. Link to comment Share on other sites More sharing options...
Basil B Posted March 11, 2019 Share Posted March 11, 2019 5 hours ago, bomber said: Can you post some examples of jobs created because of brexit Job Center plus will soon be recruiting, So will bailiff and debt collector firms... Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now