MORE than 1,000 EU financial firms are opening new offices in the City to beat post-Brexit trading restrictions, it has emerged.
The continental banks, funds and insurers want the hubs in London so they can continue to serve customers unhindered.
Over 1,000 EU financial firms are opening UK offices to beat post-Brexit trading restrictions
The figure is more than three times the estimated 300 UK-based firms moving to the EU to open offices. Michael Johnson, of consultancy Bovill, which made the finding, said: These figures clearly show that many firms see the UK as Europes premier financial services hub. Meanwhile:
- IT emerged that Britain and the EU will now have just ten months to seal a trade deal;
- THE Government was defeated three times in the Lords on Boris Johnsons landmark Brexit deal bill;
- No10 revealed the PM is to stop using the word Brexit as soon as Britain leaves the EU.
Former Tory leader Sir Iain Duncan Smith condemned the EU for delaying negotiations. He said: Theyre deliberately dragging their feet, throwing their weight around. Its utterly pathetic.
But EU officials poured scorn on the idea Britain was any more ready than them to start talks in ten days time.
Also yesterday, the Government was defeated three times in the PMs first trial of strength with the upper House.
Peers made changes to the Bill to insist the Government issues formal identity papers to EU citizens living in the UK after Brexit.
They also halted a move to let British courts depart from European Court of Justice judgments, and for cases to be referred to the Supreme Court to decide whether to depart from EU case law.
The PM will tomorrow ask the Commons to overturn the defeats on the Withdrawal Agreement Bill.
Meanwhile, Mr Johnson is to lay out his vision for new trade deals with the EU and the US in a major speech next month.
But he will not use the word Brexit as aides say the country wants to move on.
Senior Tory MP Mark Francois last night demanded the PM give MPs a free vote so Big Ben can bong in Brexit.
