All the day’s economic and financial news, as Lloyd’s of London outlines plans for a new European foothold ready for the UK’s departure from the EU.
- Lloyd’s to create Brussels subsidiary to ensure EU passporting
- Introduction: Pound and FTSE 100 steady
8.46am BST
Lloyd’s decision to open a new EU hub in Brussels is causing a stir.
Bloomberg points out that other companies will be considering similar action:
British companies and international financial firms are considering how to continue serving European clients should the U.K. withdraw not just from the EU, but also from its single market and customs union, both of which can accommodate countries that aren’t in the bloc.
329 years ago the insurer Lloyd's was founded in London. #Brexit means it's moving awayhttps://t.co/K4EjrOyw0Y
by @OliverSuess @Smudla62 http://pic.twitter.com/5a2Q6TmeyB
Lloyds of London to move its European business to Brussels. That will go down well at number 10.
Maybe a rebranding - "Lloyd's of Brussels " https://t.co/UXQKxq6081
8.31am BST
That didn’t take long.
“It is now crucial that the UK government and the European Union proceed to negotiate an agreement that allows business to continue to flow under the best possible conditions once the UK formally leaves the EU. I believe it is important not just for the City but also for Europe that we reach a mutually beneficial agreement.”
Related: Lloyd's of London plans to open Brussels office by start of 2019
Continue reading...March 30, 2017 at 12:58PM
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from Graeme Wearden
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