Brexit 'is not actually done' for UK says Nandy
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The Government is currently negotiating a new “memorandum of understanding” (MoU) with Brussels which could give UK based companies greater access to European markets. According to Hilary Fordwich, a global business developer, European companies are already looking to move operations to London.
He told RT: “Bovill, that is a financial services consultancy firm, back in January only two months ago, released a report that stated over a thousand EU banks, insurers and asset managers were opening offices in London so that they could better serve their European customers.
“So I think you’re seeing that a lot of these EU investors and EU firms are also moving to the City of London.
“They are doing so regardless of the MoU being signed or not.
“As usual the only thing that is usual is business is carrying on as usual.”
Ahead of the 2016 referendum, Remainers argued Brexit would decimate London’s financial services industry.
There have been reports of some UK companies relocating to Amsterdam post-Brexit though the number of jobs involved is believed to be low.
Around £8bn in shares was traded on the Dutch section of equity exchange CBOE Europe and Euronext Amsterdam in January, four times the December figure.
However much of this has been concentrated in the stock trading sector which is low margin and only has a limited impact on jobs.
There are hopes a new MoU could be signed in the next few weeks giving British companies greater access to European financial markets.
In a statement last week the Treasury said: “Formal steps need to be undertaken on both sides before the MoU can be signed but it is expected that this can be done expeditiously.”
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Mr Michel co-signed a call from more than 20 world leaders for the creation of an international agreement to help manage future health scares in the wake of the coronavirus crisis.
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International Economics Professor Keith Pilbeam at City University in London warned the Digital Service Tax introduced last April could threaten an American post-Brexit trade deal as the US feels the tax unfairly targets them.
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