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Business / Finance

Financial companies withdrew from the UK more than $1 trillion

RSS feed for Forex Review 08.01.2019 at 13:08

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Experts of the British audit and consulting company Ernst & Young (EY) estimate that in anticipation of a British exit from the EU financial companies withdrew from the country around 800 billion pounds (more than $1 trillion).

EY Analysts researched public statements 222 the largest participants of the UK financial market, tracking the dynamics of the completion of the referendum on Brexit in June 2016.

the Most optimistic estimate suggests that banks and other financial institutions was transferred to other countries of the European Union business operations, personnel and customer assets in the amount of 800 billion pounds (over $1 trillion).

Experts noted that counting only public data, so the obtained values may be underestimated, whereas the actual data may greatly exceed the estimates of analysts. While many companies did not publish data on the cost of the assets.

in addition, EY analysts believe that in the current environment, financial firms need to prepare for the Brexit scenario without the agreement.

Earlier, representatives of the Bank of England said that British exit from the EU without an agreement on the conditions of access to the single market will lead to more disastrous consequences than the financial crisis of 2008.

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