City firms made plans in Brexit run-up to move assets worth £100bn to EU – survey

Data from EY highlights last-minute transfers in order to hold on to European business

City firms revealed in the final months of 2020 that they planned to shift nearly £100bn in assets to the EU, taking the total value of assets lost to the bloc since the Brexit vote to £1.3 trillion, according to a new survey.

The data from consulting group EY pointed to a last-minute push by firms before 31 December after the UK-EU trade deal did not offer concessions for the UK’s dominant financial services sector. It forced companies to move staff and assets to the continent in order to continue serving EU customers.

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from The Guardian https://ift.tt/3bX8hjs