How have financial services firms responded to Brexit?
What is the scale of the relocation of financial services firms in terms of staff, business activity and assets? Can these movements be stopped or reversed at this point in the Brexit process? Have any sectors of the industry in the UK benefitted as a result of Brexit?
These are among the questions the House of Lords EU Financial Affairs Sub-Committee will be asking two witnesses on Wednesday 3 April 2019.
Giving evidence to the Committee at 11am will be:
- William Wright, Managing Director, New Financial
- Mr Andrew Pilgrim, Associate Partner, EY.
Other questions they are likely to face include:
- Which financial centres in the EU27 have benefitted the most from Brexit-related relocations? What explains their success in attracting people and assets?
- Do these moves represent the first steps in what will prove to be a significant transfer of people and assets, or the beginnings of a slow trickle that will play out over many years as business shifts to the EU27?
- How might future moves vary under different future relationships such as enhanced equivalence, EEA membership, or a customs union scenario?
- Has the UK's real economy been affected by the reorganisation and movement of financial services out of the UK?
- Will the UK remain Europe's dominant centre for international finance after Brexit?
This evidence session, which is open to the public, will take place from 11am on Wednesday 3 April 2019 in Committee Room 3 of the House of Lords.
