Financial companies withdrew more than $ 1 trillion from the UK

Experts of the British audit and consulting company Ernst & Young (EY) calculated that While waiting for the UK to leave the EU, financial companies withdrew about 800 billion pounds sterling worth more than $1 trillion from the country.


The EY analysts investigated public statements of 222 of the largest participants in the UK financial market, tracking the dynamics since the completion of the Brexit referendum in June 2016.

The most optimistic estimate suggests that banks and other financial institutions transferred to the rest of the European Union economic operations, staff and assets of customers in the amount of 800 billion pounds sterling (over $1 trillion).

Experts noted that they only calculated public data, hence, the values obtained may be underestimated while the actual data may significantly exceed the calculations of analysts. However, many companies did not publish data on the value of assets.

In addition, EY analysts believe that in the current environment, financial companies need to prepare for the Brexit scenario without an agreement.

Earlier, representatives of the Bank of England declared that a British exit from the EU without an agreement on conditions of access to a single market would have more disastrous consequences than the 2008 financial crisis.

The material has been provided by InstaForex Company -