Assets worth 800 billion pounds to shift from UK to EU due to Brexit - EY

Assets worth 800 billion pounds to shift from UK to EU due to Brexit - EY

Assets worth nearly 800 billion pounds are being moved from Britain to new financial hubs in the European Union ahead of Brexit, consultancy EY said on Monday, Trend reports referring to Reuters.

Britain, which is due to leave the bloc in March, has yet to approve a deal to avoid an abrupt severing of ties with the EU. Although the British parliament is due to vote on a proposed settlement next week, it is unclear if it will be approved.

“The closer we get to 29 March without a deal, the more assets will be transferred and headcount hired locally or relocated,” Omar Ali, UK financial services leader at EY, said.

EY has been tracking the Brexit plans of 222 financial firms since Britain voted in June 2016 to leave the EU. In its latest update to the end of November 2018, it said that 80 firms are considering or have confirmed relocating assets and staff.

The latest estimate from EY says that 800 billion pounds in assets would move, a fraction of Britain’s 8 trillion pound banking sector.

Frankfurt Main Finance, which promotes the German financial centre, has said it expects 750 to 800 billion euros of assets to transfer there alone, largely during this quarter.

Around 2,000 new European roles have been created by financial services companies in response to Brexit, with Dublin, Luxembourg, Frankfurt and Paris the most popular locations, EY said.

Forecasts 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.

“Whilst roles will no doubt move from the UK, many firms are only moving those employees deemed essential and are hiring locally given the expense of relocation,” Ali said.

Moves so far would be only the “tip of the iceberg” if there is a no-deal Brexit, EY said.

Construction of Chabahar-Zahedan railway line developing – İran's minister
Construction of Chabahar-Zahedan railway line developing – İran's minister
Uzbek industrial, construction bank eyes opening credit line for new projects
Uzbek industrial, construction bank eyes opening credit line for new projects
Total cost of completed construction works in Uzbekistan in 1Q2021 increases
Total cost of completed construction works in Uzbekistan in 1Q2021 increases
Loading Bars
Latest
Israel reports 73 new COVID-19 cases, 838,761 in total
WHO records over 721,000 new daily cases of COVID-19 worldwide
EU medicine regulator starts rolling review of Sinovac COVID-19 vaccine
Qatar reports 645 new COVID-19 cases, 208,877 in total
Central Bank of Iran shares data on impact of oil exports on economic performance
UK records another 2,144 coronavirus cases, 27 deaths
Turkish president, German chancellor discuss bilateral ties, regional issues
OSCE Minsk Group Co-Chairs welcome release of Armenian detainees
Ombudsman prepares report on hate crimes, hostile approach towards Azerbaijanis
Egypt will bring a royal mummy to Expo 2020 in Dubai
Uzbekistan’s 1Q2021 vegetable production revealed
Uzbekistan notes threefold increase in balance of mortgage loans repayment
Georgia sees increase in imports of buckwheat in 1Q2021
Review of regulations to improve Iran home appliances production - official
President Sadyr Zhaparov signs decree on Cabinet of Ministers of Kyrgyzstan
Austria interested in participating in projects in Turkmenistan
Azerbaijani, Georgian peoples live in peace and friendship - PM
Azerbaijan approves renewed make-up of joint commissions with several countries
Azerbaijan to hold webinar on "New Opportunities for Startup"
Azerbaijan discloses data on construction work carried out by private enterprises in Baku
Russian, Turkish presidents discuss issues related to Karabakh
Iran’s Bahar Azadi gold coin price falls
Azerbaijani Finance Ministry places medium-term bonds on auction
Iran's Energy Exchange announces products to be on sale on May 8
Azerbaijan has very responsible approach to ensuring cybersecurity - Kaspersky Lab
Georgian organic farm begins production of sunflower oil
Iran approves projects on establishment of trade zones
Azerbaijani minister names amount of government spending to restore Karabakh in 2021
Canada reveals volume of bilateral trade with Georgia
Georgian Minister of Agriculture talks success of German businesses
Hungarian airline Wizz Air to resume flights from Georgia's Kutaisi International Airport
European Parliament acting unfairly by calling Armenian terrorists "POWs" - MP
Eurostat names amount of petroleum oils imports by EU countries from Turkmenistan
Activities of trade markets between Iran, Pakistan to contribute to trade –Deputy Minister
Kazakhstan investing in Georgian ports, specifically in Batumi oil terminal
Georgia expects increase in low-cost airlines during summer season
Georgia NCC and NATO-EU Information Center to implement joint projects
Iraq commits to return Iran's debts
US welcomes Azerbaijan’s release of three Armenian detainees
Iran's TEDPIX index sees gains
Volume of raw silk cocoon to be produced in Iran revealed
Shameful monument to fascist Nzhdeh in Karabakh must be demolished - Russian media outlet
Shekel weakens after Yellen rate remarks
Flydubai expands network to over 80 destinations, resumes flights to Russia and Iran
Azerbaijan wraps up investigation on Lebanese mercenary who fought in Karabakh on Armenian side
Blue Origin to begin space tourism ticket sales Wednesday
Navoi Mining and Metallurgical Combine leads among Uzbekistan’s taxpayers
Meeting between Azerbaijani, Georgian foreign ministers being held
Azerbaijan shares data on number of vaccinated citizens for May 5
Relations between peoples of Azerbaijan, Georgia based on long history - President Aliyev
Azerbaijan confirms 1,080 more COVID-19 cases, 2,074 recoveries
Georgian, Azerbaijani people are interlinked, interdependent on each other - Georgian PM
UAE to launch flights to Uzbekistan’s Tashkent
Austrian chancellor urges European drug regulator to fast-track Sputnik V’s registration
Azerbaijan continues to be one of biggest investors in Georgia’s economy - President Aliyev
Georgia's prime minister visits grave of Azerbaijan's National Leader Heydar Aliyev (PHOTO)
Azerbaijani IT company to locally launch smartphone app for accepting non-cash payments
Iran's NISOC ready to increase oil extraction
Silk production campaign underway in Turkmenistan’s Dashoguz region
Azerbaijan's PulPal payment system to add cryptocurrency wallet
Geostat unveils statistics on Georgia's oil imports
Azerbaijan reveals funds to be allocated for student tuition
Uzbekistan, S. Korea preparing for buyout of state share of mining and processing JV
Uzbekistan’s textile export to grow in 2021 - German expert
IMF predicts higher oil prices and better COVID-19 response for Iran by second half of 2021
Georgian parliament adopts new law regarding National Bank of Georgia
Georgia to face double-digit inflation if lari continues to plunge in value - TBC-Bank
Turkey reveals 4M2021 data on chemicals exports
Germany, France, Spain reach general agreement over fighter jet
Average monthly salary in Baku down
Turkey's export value of clothes up in 4M2021
Significant amount of funds to be invested in Georgian Poti port dev't - Deputy minister
Russia reports nearly 8,000 daily COVID-19 cases
Electra Consumer Products signs Yeinot Bitan acquisition deal
SOCAR Turkey subsidiaries awarded zero waste certificates
Increasing manufacturing of household appliances in Iran can guarantee exports - ICCIMA
Cost of chargeable services rendered to Baku's population in 1Q2021 dips
Georgia sees increase in potato imports
Georgian PM invites Azerbaijani president to Georgia
1Q2021 turnover of catering sector in Baku disclosed
Baku Stock Exchange holds auction on placement of CBA's short-term notes
Georgia reveals prices of fuel for May 4
Iran hopes Gorgan-Aktau flight to boost its tourism industry
Azerbaijani payment system offers B2B and C2B services in domestic market
Saudi Arabia considers barring overseas haj pilgrims for second year
Khazar Consortium in Turkmenistan opens tender to purchase of hygienic products
SOCAR Turkey’s petrochemical unit increases recycling by over 30%
Details of Iran’s face mask trade disclosed
Iran reveals COVID-19 data for May 5
Uzbekistan, Turkmenistan, Iran talk pilot train transportation
Most transactions on government securities in Azerbaijan fall on primary market
Azerbaijan, Turkey, Uzbekistan plan to ink MoU on audit sphere
Czech sees opportunities for co-op with Uzbekistan in industry and agriculture – Ministry
Turkmen Health Ministry extends tender for medical supplies purchase
Iran sees reduction in reliance on oil exports - Iranian president
Iran's Golestan Province to work on more agricultural projects
Iran expects sanctions to be lifted soon - President Rouhani
Azerbaijan seeks to expand its capabilities in mechanical engineering - expert
Azerbaijani president receives Georgian PM (PHOTO/VIDEO)
Georgia, US highlight importance of COVID-19 vaccination
All news