UK Financial Services Firms Spend Over 4 Billion Pounds Getting Ready for Brexit
Arslan Butt • 1 min read
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.