Financial Services Firms Relocating Following Brexit

A recent decision to extend the grace period for food imports to Northern Ireland has soured trade talks between the United Kingdom and the European Union, stagnating financial services in London.

Financial services have been flocking away from London towards nations in the EU, largely in response to Brexit’s new trade agreement.

The agreement between the UK and the EU is designed to lower tariffs and associated cost of shipping between nations.

The EU bloc’s chief of financial services, Mairead McGuiness, told the press that the most recent decision “does not help to build trust” between the UK and the EU.

Companies trading in Euros have flocked to Brussels, which has made an “equivalence” allowing limited access from London traders to trade Euro stocks and swaps.

Britain has begun easing listing restrictions, in hopes that it will become more attractive to investors and brokers trading in the EU, US, and Asian markets.

In 2018, 60% of the UK’s trade was conducted either with the European Union or with a country that had active trade agreements with the EU.

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