City firms made plans in Brexit run-up to move assets worth £100bn to EU – survey Data from EY highlights last-minute transfers in order to hold on to European business London-based firms do not have an equivalence deal with their EU counterparts, putting the City at a disadvantage. Photograph: Leon Neal/Getty Images London-based firms do not have an equivalence deal with their EU counterparts, putting the City at a disadvantage. Photograph: Leon Neal/Getty Images @kalyeena Tue 2 Mar 2021 00.01 GMT City firms revealed in the final months of 2020 that they planned to shift nearly £100bn in assets to the EU, taking the total value of assets lost to the bloc since the Brexit vote to £1.3 trillion, according to a new survey. […] It forced companies to move staff and assets to the continent in order to continue serving EU customers. According to EY’s latest Brexit tracker, which covered the period from October 2020 to February, firms have shifted or declared plans to move approximately £500bn worth of those assets in the last two years alone.
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