Business Leaving London Already, 1 Day After Article 50
Brexit is ra eality now, but as everyone already knew, it´s going to affect the UK more than Europe. In fact, the real effects are already starting to show.
We saw some panicked moves in both business and forex in the first few months after the referendum, but the real deal starts now.
Today, Lloyds of London, the biggest and oldest insurance and reinsurance provider on the globe announced that it is opening a new subsidiary in Brussels. They claimed that they want to avoid losing business after Britain leaves the EU. This is obvious and I´m afraid that this is just the beginning.
Earlier on, JP Morgan was rumored to be looking for office space in Dublin for around 1,000 staff members. In my opinion, Dublin is the best place for financial firms to relocate to from London since the environment (including weather) is not very different, taxes are much lower than in Brussels, Paris or Frankfurt and above all, you could drink yourself to sleep in any Irish pub.
It´s inevitable, financial firms will move some business out of London and into the EU. This is worrying because the financial sector has been the driving force of the UK economy for decades, but you get what you wish for fellas. By the way, I´ll try to keep you up to date with the big names moving some (or all) of their operation out of London, just to see where we (the UK) stand.
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