The BBC have carried out an investigation into all the talk of banks and financial institutions moving some operations into the EU in order to continue trading inside the single market. Newsnight had the report last night including an interview with the a French financial regulator. The BBC news website has the story (HERE).
Of course this is something the brexiteers told us would never happen. Well now it seems it might.
The regulator says he is in advanced discussions with "large international banks" about moving to Paris including due diligence work. He says many other companies had made informal enquiries and he thought the same things were happening in up to eight other European financial centres. This is not to say everyone will move or even that those who do will move everything, but the sector produced £71.4 billion for the exchequer in 2015-16 (HERE) so even a 10% drop in revenues is going to be painful.
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