Banks are preparing to move jobs from Britain to the continent
In her speech to the World Economic Forum this morning, Theresa May announced that “Britain is – and will always be – open for business”.
However, the FT reports that since the PM delivered her Brexit speech on Tuesday, a string of banking leaders have announced their intention to move jobs and operations out of the UK.
Senior figures from UBS, JP Morgan Chase and HSBC have all predicted significant job movement from the UK to continental Europe, as a result of Britain’s departure from the single market.
May was right to say that businesses wanted certainty and clarity on the UK’s Brexit plans, but what she made clear is that the UK is about to become a much worse environment for commerce.
Now that companies have absolute clarity on the single market, they can start to make plans to shift jobs and operations back into the EU.
Britain may be open for business, business doesn’t seem to be open to Britain.
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