Insurance giants, Lloyd's of London considering a new establishment within the European Union
Lloyd's spokesman explains that customers in Europe want that same access to the Lloyd's market
by Abi Moses on 25th March, 2017
Iconic insurance firm Lloyd's of London are set to approve a new base within the European Union, with the announcement location set to be confirmed on Wednesday – the same day that UK Prime Minister, Theresa May triggers Article 50 and begins the Brexit process.
Lloyd's council are set to meet on Wednesday to discuss whether the new operation should be set up in Luxembourg or Belgium, with a decision expected to be announced shortly afterwards.
Lloyd's of London are the world's largest insurance company and have been a cornerstone of the City's financial services hub for over 300 years, so the news they are considering a new EU-based establishment will be seen as a huge blow for the future of an independent Britain.
A Lloyd's spokesman said "We will present further details of our plans to open a subsidiary in the EU by the end of this month. It is important for Lloyd's, the market and our customers, that we are? able to provide continued access to the EU once the UK formally leaves, but equally, customers in Europe want that same access to the Lloyd's market."
The latest revelations by Lloyd's is another twist for the UK capital's increasingly vulnerable financial centre, with many of London's large investment banks considering their options ahead of the Brexit negotiations. US investment bank, Goldman Sachs has confirmed it will move hundreds of jobs out of London and create more jobs in Paris.
Whilst Amsterdam, Dublin and Frankfurt have all been sounded out as serious possibilities to London, the City has been boosted by the news the German lender, Deutsche Bank – one of post-Brexit's biggest critics – has signed a 25-year lease on a new building being constructed near Moorgate tube station.
The start of the UK's Brexit negotiations and the continued risk of an exodus from London will both have a certain impact on all global currencies, not just the Pound. Register with any Spread Betting partner today and make your predictions on how the foreign exchange will be affected by all the latest developments.
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