London loses about $1.44 trillion to European rivals due to no-deal Brexit threat
Several private financial institutions based in the UK will finish shifting $1.44 trillion-worth of assets to European Union countries before Brexit, the European Central Bank Supervisory Chief Andrea Enria told Finnish broadcaster Yle. : “We will have 24 banks, basically, that will move – seven will be directly under European Central Bank supervision and 17 will be under national supervision where they chose to relocate to,” in an interview published on Wednesday.
With Britain’s Queen Elizabeth II approving the request to end what has been the longest session of parliament in nearly 400 years in the second week of September, a no-deal Brexit approaches near certainty for the UK. In order to avoid losses, banks need to redistribute their assets from London, which is Europe’s financial hub.
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