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| Brexit 'sees UK finance firms move £900bn to Europe' | Brexit 'sees UK finance firms move £900bn to Europe' |
| (about 1 hour later) | |
| Brexit 'sees UK firms move £900bn to Europe' | |
| A report into the impact of Brexit on banking and finance firms says some £900bn in financial firms' assets have been moved out of the UK. | A report into the impact of Brexit on banking and finance firms says some £900bn in financial firms' assets have been moved out of the UK. |
| It adds this has cost £3bn-4bn and involves 5,000 expected staff moves or local hires, and that figure will rise. | It adds this has cost £3bn-4bn and involves 5,000 expected staff moves or local hires, and that figure will rise. |
| The study, by capital markets think tank New Financial, says 275 firms have moved some or all of their business with Dublin the most popular location. | The study, by capital markets think tank New Financial, says 275 firms have moved some or all of their business with Dublin the most popular location. |
| It says the hit to London was bigger than expected and would get worse. | It says the hit to London was bigger than expected and would get worse. |
| "Business will continue to leak from London to the EU, with more activity being booked through local subsidiaries," said William Wright, founder and managing director of New Financial. | "Business will continue to leak from London to the EU, with more activity being booked through local subsidiaries," said William Wright, founder and managing director of New Financial. |
| He said this would weaken the UK's current pre-eminence in financial services and would damage tax receipts. | He said this would weaken the UK's current pre-eminence in financial services and would damage tax receipts. |
| Dublin benefits | Dublin benefits |
| The think tank, which campaigns for Europe to have bigger capital markets, says its report is the most comprehensive study of its type yet. | The think tank, which campaigns for Europe to have bigger capital markets, says its report is the most comprehensive study of its type yet. |
| Its report said a 10% shift in banking and finance transactions would cut income from tax receipts by about 1%. | Its report said a 10% shift in banking and finance transactions would cut income from tax receipts by about 1%. |
| Its report highlights: | Its report highlights: |
| It did add, though, that arrangements made between regulators in the EU and the UK meant the industry was well prepared for whatever form Brexit took. | It did add, though, that arrangements made between regulators in the EU and the UK meant the industry was well prepared for whatever form Brexit took. |
| New Financial breaks down what it calls its "conservative estimates", and says banks and investment banks are moving around £800bn in assets, asset managers have so far transferred more than £65bn in funds and insurance companies have so far moved £35bn in assets. | New Financial breaks down what it calls its "conservative estimates", and says banks and investment banks are moving around £800bn in assets, asset managers have so far transferred more than £65bn in funds and insurance companies have so far moved £35bn in assets. |