Transfer of 1020 billion USD of British assets to Europe in the case of a Brexit without agreement
British financial institutions are about to transfer 800 billion GBP (1 020 billion USD) out of the United Kingdom, in the case of a Brexit without agreement. These assets will be essentially in cash, stocks and bonds.
The figure was unveiled in the recent study published by EY Financial Services, which also estimates that 7000 jobs will be relocated in the European Union in the coming months.
According to Omar Ali, head of financial services at EY , financial institutions "have no choice but to continue preparing on the basis of a “no deal” scenario" The closer the deadline of 29 March without deal gets, the more assets will be transferred.
Out of the 222 British companies surveyed, 36% confirmed or announced their intention to transfer part of their UK activities and/or employees to Europe.
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