Brexit fallout on UK finance intensifies: Think tank

LONDON: More than 275 financial firms are moving a combined US$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 US$4 billion, a report from a think tank said on Monday.

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. William Wright, founder and managing director of New Financial, said the hit to London was bigger than expected and would get worse.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK will likely have to delay Brexit if lawmakers reject PM May's deal: Finance minister HammondLONDON (REUTERS) - Britain will probably have to delay its departure from the European Union if lawmakers reject the government's proposed divorce deal in a vote next week, according to the finance minister Philip Hammond.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »