Brexit: 1,000 EU finance firms ‘set to open UK offices’

SourceBBC
SectorEconomy
CountryMiddle east

About 1,000 EU finance firms are eyeing up opening offices in the UK for the first time, according to financial consultancy Bovill. A Freedom of Information (FOI) request by the firm found that 1,500 money managers, payment firms and insurers have applied for permission to continue operating in the UK after Brexit. Around two-thirds had no prior physical operations in Britain, it said. It suggests London "is set to remain a key global financial centre", it added. "Many of these European firms will be opening offices for the first time, which is good news for UK professional advice firms across multiple industries including lawyers, accountants, consultants and recruiters." said Mike Johnson, managing consultant at Bovill. He added that business from the firms should provide a welcome boost to the service sector, too. There have been worries over how the UK's financial sector will be affected by Brexit. Last month, London was ousted by Amsterdam as the largest financial trading centre in Europe as Brexit-related changes to...read more...