‘Brexit services plan will speed up relocation’ | Daily News

‘Brexit services plan will speed up relocation’

The Lloyd’s of London chief says the government’s plan for relations with the EU after Brexit will speed up the departure of firms from the UK.

Inga Beale told the BBC the White Paper would see the 300-year old insurance market go “full speed ahead” to set up its subsidiary in Brussels - and spur others on as well. Service sector groups say the plan will affect employment and is a “real blow”.

However, non-services groups were more positive.Services, including banks, insurance companies and investment firms, make up 80% of the UK economy and are one of its most successful exports to the EU.

The government wants UK financial services in future to adopt a beefed-up version of a system already used by certain non-EU countries, including the US, Japan and China, whereby they agree to meet certain EU rules to keep access to the bloc.

Beale, the chief executive of Lloyd’s, said: “Professional and financial services are really not catered for at all and it’s very disappointing. We make up basically 80% of the economy of the UK.

“Lloyd’s is to open a subsidiary in Brussels so we will be full steam ahead, and many other banks, insurers and other financial services firms will be moving at pace now.” BBC


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