Reality 1 – Doom Mongers 0
I do love it when the doom mongers and nay sayers in our world are proved wrong and I found today lurking in the back of the news an article about the number of financial firms who have applied to operate within the UK.
To put this into perspective it was the doom mongers who said that after Brexit the UK would lose all its financial status and businesses would choose to operate elsewhere. Well it turns out the reverse is true.
According to research by Bovill 1,500 money managers, payment firms and insurers have applied for permission to continue operating in the UK after Brexit. Around two-thirds – or a 1,000 of the applicants – had no prior physical operations in Britain. Well well. it seems that rather than fleeing away from the UK firms are flocking to come in. This was always going to be the case.
The UK is a very strong economic nation (even with Covid) and the envy of many other countries in the world and the EU – of course firms want and need a presence here! It’s a pity that the doom mongers don’t all flee elsewhere and leave us to the reality of financial life!