Holland swamped with applications from British banks to relocate from the UK if there is a No Deal Brexit

Officials at the Dutch central bank said they are locked in talks with around 50 financial institutions thinking of relocating from the UK.

The announcement, just a week before MPs vote on Theresa May’s deal, will heap further pressure on rebels thinking of voting the package down.

Dutch central bank spokesman Tobias Oudejans said licensing authorities which deal with relocation applications are “a lot busier than usual”.

He added: “Virtually every kind of financial institution we supervise in our country is represented in these talks.”

There have been repeated warnings that Brexit would lead to an exodus of banks from London to the continent, but few have so far made the move.

Last week the German lobby group Frankfurt Main Finance claimed 30 financial firms have chosen the city as their new EU headquarters.

They said that meant London would lose £700 billion in assets to the city in the first quarter of 2019.

And managing director Hubertus Väth predicted that further moves from London will take place as Brexit day draws nearer.

He said: “Banks are faced with the choice of either relocating only what is absolutely necessary or preparing for the relocation of the entire business.

“In any case, it is clear that considerable second-round effects will follow.”

But in September it was estimated that just 630 jobs had been shifted from London to the continent – well below previous estimates.

Financial firms said they were prepared to move 5,800 roles in the event of a “hard Brexit”, down from an estimate of 10,000 in 2017.

  • GOT a story? RING The Sun on 0207 782 4104 or WHATSAPP on 07423720250 or EMAIL [email protected]


Source: Read Full Article