Brexit business impact yet to be felt
Thomson Reuters is shifting its $300bn-a-day foreign exchange derivatives trading unit from London to Dublin ahead of Brexit.
The company has applied to shift its multilateral trading facility to Ireland so that it can continue to sell into the EU’s single market. It is thought the operation will initially employ 20 staff.
A Thomson Reuters survey of 100 UK and European CFOs published earlier this month revealed that one-third of companies anticipate relocating staff from the UK because of Brexit, up 10% since the summer of 2017.
Two-fifths of businesses say that Brexit is impacting their strategic planning, while one-third say they are planning for a ‘no-deal’. Some 36% are scenario planning the various potential outcomes of the Brexit negotiations, while 22% are investigating moving functions out of the UK.
“Businesses appear to be holding fast to a ‘wait and see’ attitude, and a sizeable minority (37%) have held off from investing in the UK, which suggests that the full impact is yet to be felt,” says Laurence Kiddle, MD for the EMEA tax and accounting at Thomson Reuters.
Image: Thomson Reuters