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.
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 Europe’s 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 Johnson’s 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: “They’re deliberately dragging their feet, throwing their weight around. It’s 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 PM’s 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.
UK’S TOP GROWTH
BRITAIN will be the fastest-growing G7 economy in Europe both this year and next, the International Monetary Fund predicts.
We will outpace Germany, France and Italy according to the respected forecaster.
It claims the worst risks to the global economy have passed and a slowdown in trade and manufacturing is “bottoming out”.
The UK is forecast to grow by 1.4 per cent this year.