This week, the UK
House of Parliament is going to vote another Brexit proposed by the PM. Last
week, May warned the country that if this deal is rejected by the Parliament
again this week, then the UK may never leave the EU. It may be good news for
some people and bad news for some people, especially those 'Leave' politicians.
The report has shown the business investment has been falling due to the
looming uncertainty surrounding Brexit.
However, there is
not just negative news, there is some positive news. According to data from the
European Banking Authority, three out of four European bankers who earn more
than €1m a year are still based in the UK despite the looming Brexit uncertainty.
There can be several reasons given to explain why these wealthy and talented
bankers largely base themselves in the UK. First, it still has some time for
them to react to Brexit, and maybe some of them want to make their moves after
the removal of uncertainty. Secondly, these bankers are in very senior
positions and have responsibilities of directing their institutions in the mist
of Brexit; therefore, they need to stay in the UK to manage their institutions.
Thirdly, the UK has been the financial centre of Europe for a long period, it
is just not so easy to move out of this environment. The UK has a much more
friendly environment than anywhere in Europe. Therefore, the current allocation
of these talented bankers do not necessarily mean they are not going to move
out of the UK at some time in the future.
Overall, the
negative impact is increasing over the looming uncertainty surrounding Brexit.
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