The Financial Times in London recently reported that global banks were starting to relocate their offices from London to EU cities because of a risk of a no deal Brexit. But now comes the shock news that a tentative agreement with the EU on passporting has been achieved by the UK.
And many banks and financial services firms have continued to deliberate about potential Brexit-escape locations in order to preserve their passporting rights. The plain truth is, banking people LOVE living in London and it’s been hard for employers to persuade their talent to move away from the beloved city.
Maybe those banks which held back were the wisest of all because in light of the news that the UK government has reached a tentative agreement with the EU on passporting rights.
If ratified, this will secure the City of London’s future. London is set to remain the centre of the world’s financial universe!
This is going to come as a blow to EU cities like Amsterdam, Dublin, Frankfurt and Paris which had been named as EU cities to which banks & financial services would relocate their offices.
Those financial firms who were holding off moving their staff from London might now be feeling pretty pleased with themselves.
So I say "Brexit Smexit!!" Wherever your organization decides to move people in the world, my team and I stand ready to partner with you to make the experience as good as it gets for the folks you're relocating.
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