UK Financial Services Firms Spend Over 4 Billion Pounds Getting Ready for Brexit

According to consulting company EY, financial services companies in the UK have spent nearly £4bn so far in preparation for Brexit.

No-deal Brexit worries

According to consulting company EY, financial services companies in the UK have spent nearly £4bn so far in preparation for Brexit. Of this, £1.3bn has been spent on relocation and legal costs as well as contingency measures.

In addition, £2.6bn of capital has been infused into their offices located outside the UK as well. These firms are planning to relocate 7,000 employees and move £1tn in assets out of Britain after it exits the EU.

Financial services companies planning to move some of their employees or operations from the UK to other locations in the UK has increased slightly from 39% in the previous quarter to 41% in the current one. Dublin and Luxembourg remain among the most preferred destinations to relocate to.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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