Brexit: Five things we learnt last month - April

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By Andrew Harbison, CA Today

1 May 2017

A round up of last month's biggest Brexit news.

1. EU finance hubs look to plunder London talent

Financial institutions in Paris, Dublin and Frankfurt are lobbying their governments to support them in bids to steal thousands of jobs from London according to a new report.

Research by Sheffield University said that jobs in clearing and asset management were most at risk as EU rivals are looking to relax their countries' business regulations allowing them to steal “low-hanging fruit” from London.

Earlier this year the Brussels-based think-tank Bruegel said that the UK faced losing around 30,000 FS jobs because of Brexit, with 10,000 banking jobs and 20,000 roles in accountancy, law and consulting moving abroad.

[The Guardian]

2. Chancellor embarked on 'FinTech Trade Mission' to India

Philip Hammond lead a business delegation to India to discuss how the two countries can strengthen trade ties, and how both countries can increase investment in their FinTech sectors.

Hammond was accompanied on the trip by Bank of England governor Mark Carney and international trade minister Mark Garnier.

During a speech at a conference in Mumbai, Hammond said that the Brexit vote was a chance for the UK and India to increase trade and investment.

He said: “The vote for the UK to leave the EU was clear. It reflected a desire for Britain to make its own decisions and to determine its own destiny.

“But it wasn’t a vote for isolation…British companies have invested more in India since 2000 than the United States or any other European nation has done.

“And investment from UK companies accounts for one in 20 Indian jobs in the organised private sector. Indian companies, meanwhile, invest more in Britain than in the rest of the EU put together.”

[live mint]

3. Lloyds plans German base post-Brexit

It is understood that Lloyds Banking Group will seek to set up a European base in Berlin after the UK leaves the EU.

The BBC reported earlier this month that Lloyds plans to convert its branch in the German capital to ensure it retains a presence within the EU.

It was reported by The Telegraph that the “bank hopes to submit an application to BaFin, the German financial regulator, to change the status of its Berlin operation by the end of September.”

[The Telegraph/BBC News]

4. Leaders must “get on” with Brexit deal says CBI

Carolyn Fairbairn, director general of the Confederation of British Industry (CBI), called on European leaders to focus on the “real prize” of a trade deal which would be worth hundreds of billions of pounds each year.

In a speech at Cambridge University, Carolyn said: “We have an overwhelming shared interest in building the trading relationships which will define our shared future. This is not a zero-sum game.

“In today’s inter-connected economy, which relies on supply chains crossing borders and nations, our fates are intertwined.

"Without an agreement, we'd lose together."

[The Telegraph]

5. UK will still have to recognise ECJ rulings says EU official

Sir Julian King, European commissioner responsible for security, has said that the UK may be required to recognise the rulings of the European Court of Justice if it wishes to maintain current levels of cooperation in relation to terrorism and organised crime.

During an interview with The Guardian, Sir Julian suggested that it would not be straightforward to continue security sharing agreements which are currently in place between the UK and the EU.

He also said he believes that the security services in the UK have become too reliant on the shared crime-fighting tools in order to complete their work.

“The existing level of arbitration is the European Court of Justice, so that is an issue that will have to be worked through in the negotiations,” said Sir Julian.

[The Guardian]


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