Just a day after Article 50 was invoked, Lloyd's of London says it will establish a new European subsidiary in Brussels to avoid losing business when the UK leaves the EU (HERE).
The 329-year-old insurance market confirmed the plan as it released its latest annual results.
"A subsidiary office will be opened in Brussels with the intention that it will be operational for the January 1 renewal season in 2019," it said. Apparently just 100 jobs will go, but this is 100 highly paid jobs that won't be paying tax here.
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