The Brexit talks are back in the headlines as the crunch point is being reached on a potential trade deal between the UK and the EU.
Meanwhile, rumbling on in the background, and maybe not getting the attention deserved due to Covid-19, is the major impact Brexit is having on the economy.
According to professional services company EY, financial services firms operating in the UK have shifted about 7,500 employees and more than 1.2 trillion pounds of assets to the European Union ahead of the ending of the transition period this year – with more likely to follow in coming weeks.
About 400 relocations were announced in the past month alone. Since Britain voted to leave the bloc in 2016, the finance industry has added 2,850 positions in the EU, with Dublin, Luxembourg and Frankfurt seeing the biggest gains.
From next year, firms in Europe’s financial capital will lose their passporting rights, which enables them to offer services across the EU. They will have to rely on the bloc granting the UK so-called equivalence for them to do business with customers in the region. With the EU far from certain to grant that access, firms are beefing up their continental presence.
It is inevitable that further moves will follow soon as we stumble towards the Brexit precipice at the end of this year.
Alex Orr.
MP must go
Re coronavirus-hit MP Margaret Ferrier.
She has to go, as simple as that – no excuses and she must take personal responsibility for her indefensible actions.
But I had to cringe at Douglas Ross’s condemnation – no such words during Cummingsgate, nor any comment lately on his PM’s father’s ignorance of public health advice.
MD.
Any choice?
In response to TF’s letter ‘Time to abolish House of Lords’ (EE, October 1). And replace it with what? Our choice of elected representatives is hardly a shining example of a meritocracy, is it?
We need a second house which will temper any moves the Commons tries to pull. The current second House is far from perfect, but a fully elected second House wouldn’t be any better.
KM.
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