UK to Lose £1 Trillion Financial Assets: FT

Businesses prepare for the chaos of worst-case Brexit scenarios, reports an Ernst & Young Global Limited survey. For financial services companies, that includes plans to transfer £1 trillion in assets from the United Kingdom to Europe. British negotiators struggle to reach a deal that includes freedoms from immigration and European regulations, as desired by just over half of voters in the 2016 election, and the benefits of smooth trade with the EU. Brexit will knock the EU down from world's second largest market after China to third after the United States. The Brexit process has been erratic, with pro-Brexit UK leaders backing away from campaign promises and failing to articulate the real costs of leaving the European Union. Courts approve large transfers of assets to Frankfurt, Dublin and Paris and thousands of jobs will follow. The majority of big banks’ operations remain in London, but if uncertainty lingers, global financiers will question the city’s standing as a global finance capital, capable of delivering a stable regulatory environment. – YaleGlobal