This Blog might not change your mind, but it might make you think.
Now that Brexit negotiations have been completed and rejected by Parliament, companies are considering their options. It is only after a number of well known companies and Banks have announced plans that the picture becoming clearer.
They are leaving the UK physically or relocating for tax and compliance purposes. This will be a permanent tax loss for the whole country.
If you have news about job losses, banks moving, companies relocating, investments frozen, please send details for inclusion in this blog and a link to your news source will be included. We will check out the information as much as possible to make certain there are no fake news stories listed.
Success or failure of the UK after Brexit will be made by the millions of decisions made by individuals and companies, not the politicians.
Adding to the list of banks relocating staff and resources is JP Morgan. Dublin, Frankfurt and Luxembourg are the next places to benefit from the UK leaving the EU. “Cannot afford to wait for confirmation on how the industry will be regulated after the UK leaves the EU.” Up to a 1,000 jobs at stake.
Yet another US bank has chosen to make a move from the UK into Europe, based in Frankfurt. The numbers of staff at the Standard Chartered Bank may be small but the effect tax’s for the UK should not be under estimated. This is not just for a year, but many years to come.
Banks accept the growing likelihood that they will lose the automatic right to sell banking services from London. More on this story at the Independent.
A major event is the decision by Morgan Stanley to relocate to Frankfurt after Brexit. If the impossible happens and the UK remains, the damage will already have been done, the jobs will not return. A lease for offices in the Omniturm has been signed.
These plans will have a long term impact of the financial health of the country. Taxes will be lower and less employment.