As Brexit talks start, Jaimie Kaffash gauges the views of accountants and tax advisers about the challenges ahead and implications for business in terms of tax rates, export and import tariffs and general confidence
It is early in the process, only a few months since Article 50 was triggered in March 2017, but there are already signs that major companies and financial institutions are looking to move operations abroad following Brexit.
Lloyd’s of London announced in March that it will be setting up a new insurance company in Brussels from January 2019, with its chief executive, Inga Beale, explicitly citing Brexit. ‘It is important that we are able to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU,’ she said.
HSBC plans to move 1,000 jobs from London to Paris, responsible for a fifth of its revenue, while Swiss bank UBS is to relocate investment bankers from London to Germany or Spain.
