“The closer we get to March 29 without a deal, the more assets will be transferred and headcount hired locally or relocated,” EY UK Financial Services leader Omar Ali said. PM May says if Brexit deal is rejected, UK will be in uncharted territoryEY has been tracking the Brexit plans of 222 financial firms since Britain voted in June 2016 to leave the EU. The latest estimate from EY says that 800 billion pounds in assets would move, a fraction of Britain’s 8-trillion-pound banking sector. In sadness, EU leaders approve Brexit dealForecasts of hundreds of thousands of UK financial jobs moving to the EU have not materialised, and the Bank of England expects about 4,000 jobs to have moved by March 29. Moves so far would be only the “tip of the iceberg” if there is a no-deal Brexit, EY said.

Source: The Express Tribune January 07, 2019 14:31 UTC