The best workspaces receive a Brexit boost.
Brexit creates opportunities for workspace providers. More than 1,400 EU-based firms have applied for permission to operate in the UK after Brexit, with over 1,000 of these planning to establish their first UK office. The new offices and staff will help mitigate the loss of business going the other way as the current unfettered two-way direct access between Britain and the EU comes to an end in December following a Brexit transition period.
Big Four firm EY said that large UK-based firms had now implemented plans enabling them to continue operating in the EU after Brexit. It estimated that around 7,000 positions would be relocated from London to the continent and a further 2,400 jobs created and hired for locally at the new EU hubs.
The end of EU passporting of services means that EU businesses who have a large active presence in the UK will have to have an office in the UK. This will be the same for UK companies trying to access the EU market. This will be an opportunity for workspace providers.
More than 1000 banks, asset managers, payments firms and insurers from the European Union are planning to open offices in post-Brexit Britain so they can continue to serve UK clients.
The new offices would help financial firms counter the loss of business as unrestricted two-way access between the UK and EU comes to an end in December following a Brexit transition period.
City of London Corporation policy chair Catherine McGuiness said: “Securing an ‘outcome-based’ equivalence of rules as suggested by the chancellor would be a step in the right direction.”
Michael Johnson, a consultant at Bovill said: “These figures clearly show that many firms see the UK as Europe’s premier financial services hub.”
City A.M. reported that Bovill’s figures show that 228 Irish firms had applied for temporary permissions to keep serving British clients while they obtain full regulatory authority to establish a new UK office.
Dublin is a popular location for UK-based asset managers and insurers to establish EU hubs, due to the strong ties between the two countries.
Over 300 British financial firms have opened EU hubs to continue serving clients in the bloc post-Brexit, according to a recent survey by think tank New Financial.
Britain’s finance minister Sajid Javid told the Financial Times on Saturday that future EU access would be under the bloc’s “equivalence” system, a patchy and basic form of access used by the United States, Singapore and Japan.
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