Shell Energy Entrepreneurs banner Yudala banner
US banks reportedly planning exodus from Brexit Britain

By News Express on 15/10/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 1,649


The French finance minister, Michel Sapin, has said that US banks have told him they will move some activities out of Britain to other European countries in the wake of the referendum decision to leave the EU.

Sapin said that until now US banks had adopted a wait-and-see approach towards their British investments.

“For them, until now, the question was ‘will Brexit take place? Will it really be implemented? You talk about two years but maybe it will last three or four years?’

“That’s over now, there’s no more of that,” the minister, who visited Washington last week, told a news conference in Paris.

“It’s no longer ‘will there be’ or ‘if’ there’s a Brexit. It’s ‘there will be a Brexit in two years and after two years we will have to take decisions’.”

As European Council president Donald Tusk warned the UK government that so-called “hard Brexit” was the country’s only option, Sapin said some banks had already decided “activities will be transferred to the continent”.

“Those are their words, not mine,” he said, adding calling it an “inevitable outcome, whatever the result of the Brexit negotiations” between London and Brussels.

Paris is among several cities hoping to woo London-based financial institutions if banks do decide to base themselves elsewhere in Europe to safeguard their euro business.

Sapin said France was working on a plan to promote Paris as a future financial capital.

A senior policymaker at the Bank of England warned this week that the loss of high-paid banking jobs from the UK could knock a hole in the country’s budget.

Anil Kashyap said the UK would lose out from taxes paid by City workers if jobs moved out of the capital as a result of a hard Brexit.

Morgan Stanley has warned that Brexit could restrict the talent pool available to UK employers, Bloomberg reported.

Carmen Nuzzo, a senior economist at the bank in London, wrote in a note to clients on Wednesday that “the biggest threat comes from potential migration restrictions that could harm international collaboration and the U.K. attractiveness for talent,” she wrote. “This is a long-term risk but one that could increase the more the UK government prioritises immigration control over single market access. International collaboration is key to academic and corporate sector research.”

•Sourced from The Guardian (London). Photo shows British PM Theresa May.

Source News Express

Posted 15/10/2016 01:44:44 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Group condemns plot to impeach Fayose

2019: Shittu chairs Buhari/Osinbajo re-election committee

Group asks Buhari to declare his true state...

We’ll make Abia ungovernable if Ikpeazu is removed...

FRCN seeks partnership with EFCC

RIGHTSView: NIGERIA POLICE AS AN INSTITUTION OF REPRESSION...

Coup in progress in Libya: Militias sack parliament,...

2019: Northern youths shortlist Atiku, 10 others for...

TUPAC’S AUNT makes history as MOST WANTED female...

Kwara Govt. explains purpose of N5bn FG bailout...

Boko Haram kills Army Colonel in major attack...

Here comes JOBS FOR ALL NIGERIAN FIRST CLASS...

 

Latest News BREAKING: Kidnapped American, Canadian rescued in Kaduna Why I stand with Buhari, By Femi Adesina 8 APC chieftains kidnapped Niger Delta militants abduct 5 oil workers Herdsmen kill Taraba monarch, 28 others in fresh attacks Still on murderous Fulani kidnappers, By Yushau A. Shuaib APC governors endorse Buhari for second term, okay Amaechi as DG Buhari Campaign Organization South African policemen kill another Nigerian Shutdown: US Government agencies prepare for the worst Beyond Wanny: Politics of the crisis in Omoku, By Kingsley George Helpless refugees frozen to death El-Rufai backpedals, asks sacked Kaduna teachers to reapply

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (315,582 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (305,631 views) Shameless Genevieve Nnaji exposes breasts in public (244,974 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,538 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,194 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,492 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,608 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,883 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,086 views) Lagos plane crash: Journalist releases victims’ names (124,561 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,802 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,992 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,854) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,748) Interviews (139) Live Commentary (28) Love Matters (100) News (32,028) Opinion (868) Pidgin (10) Politics (4,358) Religion (666) Sports (1,407) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!