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.
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.
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.
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.
The UK and European Union are poised to enter the final stretch of negotiations over post-Brexit trading arrangements for Northern Ireland. After years of distrust and tension both sides are optimistic that a settlement is within reach.
Specialist expat financial planner Blevins Franks is reporting that it is seeing a large increase in the number of UK IFAs enquiring about a move to Europe, spurred by passporting barriers post-Brexit.
UK defends new post-Brexit finance reforms
09/12/2022
Britain on Friday launched a post-Brexit plan to relax curbs on its powerhouse City sector introduced after the 2008 financial crisis, denying the reforms will bring about new instability.
THE Tories are risking a repeat of “the catastrophe of the financial crash in 2008” by cutting back on the safeguards placed on banking in its wake, the SNP have warned.