Private1
Registered: Aug 2002 Posts: 40942 - Threads: 1198 Location: London
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Panasonic to move European HQ in London to Netherlands over Brexit concerns
In June, plane-maker Airbus – which employs about 15,000 staff directly in Britain – caused a stir by warning it could pull out of the UK if Britain bows out of the EU without a trade deal.
Several Japanese firms including megabank MUFG, Nomura Holdings, Daiwa Securities and Sumitomo Mitsui Financial Group have said they are planning to move their main EU bases out of London.
Banks lay out plans to move jobs from UK as prospect of no-deal Brexit looms
Of 222 large banks, insurers, asset managers and other financial service companies tracked by Ernst and Young,, more than a third have said they are considering or have confirmed they are moving operations and / or staff from the UK to the EU.
Frankfurt Is the Big Winner in Battle for Brexit Bankers
Morgan Stanley, Citigroup Inc., Standard Chartered Plc and Nomura Holdings Inc have picked the German city for their EU headquarters to ensure continued access to the single market. Goldman Sachs Group Inc. and UBS Group AG are weighing a similar decision, said people familiar with the matter, asking not to be named because the plans aren’t public. HSBC Holdings Plc is the biggest non-French bank so far to opt for Paris, while Barclays Bank Plc has plumped for Dublin.
London could lose 10,000 banking jobs and 20,000 roles in financial services as clients move 1.8 trillion euros ($2.1 trillion) of assets out of the U.K. on Brexit, according to think-tank Bruegel. The implications for the U.K. are substantial: finance and related professional services bring in some £190 billion ($248 billion) a year, representing 12 percent of the British economy.
Just think of all the taxable income and jobs being lost.
As well as the 10's of thousands of jobs being lost in the financial industry consider the knock on effects of loss of income to supporting companies.
My wife accused me of being immature. I told her to get out of my fort.
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