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The City of London was supposed to have been set free by Britain’s departure from the EU. That’s not how it’s turning out. / In a reversal of the roles they've been used to playing, Britain is demanding the EU toughen up rules, worried about the threat of another financial crisis.
Morgan Stanley has been accused of making up a fake job title for one of its employees in an attempt to trick EU regulators into believing it had moved top execs to Europe to meet post-Brexit rules.
Brexit: despatches from the downside – No 21
10/02/2024
Poor regulation of harmful chemicals, the City losing control of trillions, the music industry on its knees ... more Brexit consequences.
London risks losing control of its lucrative clearing market under new rules.
Brexit: despatches from the downside – No 19
27/01/2024
This week's Brexit downsides: half a billion in extra costs to import food, the collapse of trade talks with Canada and more.
MPs have branded a post-Brexit shake-up aimed at boosting growth in the financial sector a "damp squib". / The Treasury Committee said since the "Edinburgh Reforms" package was set out, there has been little progress.
Brexit: despatches from the downside – No 7
03/11/2023
Your weekly update from the Brexit ‘downside bunker’, chronicling the downsides, and occasional upsides, of Brexit.
Brexit: despatches from the downside – No 6
27/10/2023
Your weekly update from the Brexit ‘downside bunker’, chronicling the downsides, and occasional upsides, of Brexit.
Wealth managers seeking new bases from which to serve European clients have landed on Luxembourg, with the Grand Duchy seen as a natural successor to London.
More than 3,000 staff have either relocated or had new jobs created in the Grand Duchy due to Brexit, according to Finance for Luxembourg.
It is too early to tell if Britain’s financial rules post-Brexit will diverge too far from European Union norms to consider giving it access to the bloc’s markets, a senior EU official said on Tuesday.
In this Federal Trust Briefing, financial expert Graham Bishop argues that three years after leaving the EU, there are no discernible signs of any benefits from Brexit for the UK financial sector. As the City’s leaders are recognising with growing alarm, the City’s international standing is slowly sinking.
The UK has seen investment from overseas collapse in the past two years, underscoring its diminishing allure as a global business destination since Brexit, revised United Nations data show.
The UK has signed a pact with the EU to increase co-operation on financial services. / It will set up a forum where the EU and UK can meet twice a year to discuss financial regulation and standards.
Goldman Sachs bolstered the number of staff working in the European Union by 21% last year, as Brexit continues to reshape banks' operations on the continent.
The European Commission has adopted a draft memorandum of understanding to create a framework of financial services regulatory cooperation with the UK.
Barclays Plc expects to increase its headcount in Paris by about two thirds in the next two to three years, as the French capital increasingly becomes the main trading hub in continental Europe for global lenders after Brexit.
Are we getting Brexit done?
05/01/2023
The UK has identified nearly 4,000 EU laws and regulations which we are now “free from”. What have we done with these newfound freedoms?
Citigroup Inc. is preparing to shift more business into the European Union on the back of fresh guidance from regulators this week, a top banker in the region said.
Writing exclusively for FN's sister title Private Equity News, the hedge fund veteran says leaving the EU has eroded the power of the City.
Almost 40% of surveyed firms have opened offices outside the UK, the majority in the EU. / UK FinTech firms who predicted in 2018 that they would partly relocate their UK operations to the European Union after Brexit have largely followed through with their plans, according to new research published today in the journal Advances in Economic Geography.
'Appalling timing’, recruitment difficulties, ‘no positives’… Jersey's main industries give their verdicts on Brexit
06/02/2023
Hospitality, retail and farming leaders all highlighted that Brexit had delivered more challenges than opportunities for the Island. They said it had created ‘more red tape’ and meant fewer European employees staying to work in Jersey.
Private equity veteran Guy Hands says Boris Johnson ‘threw the country and the NHS under the bus’.
Europe’s top securities watchdog wants London-based hedge funds and asset managers to prove they have built up a presence in the European Union after Brexit.
Trade Consultation: Give Your Evidence - UK Trade and Business Commission [Deadline: 17/03/2023]
23/01/2023
The UK Trade and Business Commission is gathering evidence to understand the main challenges facing businesses, organisations and economic sectors to establish which policies and trading arrangements will help overcome the economic and trading barriers facing the UK today.