Brexit roundup

With 494 MPs voting through the draft Brexit Bill last week, thoughts are no doubt turning to the reality of Brexit post March 2017.

With 494 MPs voting through the draft Brexit Bill last week (and only 122 MPs opposing), thoughts are no doubt turning to the reality of Brexit post March 2017 when formal notification is given by the UK to the rest of Europe of its intention to leave.

Theresa May has already confirmed the UK will not remain within the single market.  What then becomes of the UK financial services and insurance sector?  We have learned this week that Berlin may well be a European base for Lloyds Banking Group to facilitate its access to the European Union when the UK leaves.

The press have reported that Lloyds Banking Group is exploring the possibility of its branch in the German capital becoming a subsidiary an application for a licence may be sought. Lloyds Banking Group have refused to comment. This news comes during a time when financial businesses within the UK have been exploring relocation to Frankfurt. Are we already beginning to see potentially how the UK financial sector intend to deal with Brexit?

Contact us at brexit.group@weightmans.com with any queries.

 

 

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