With finance moving out of the City of London, is the UK now a failed state?

Lloyd’s of London insurer XL Group is to move its main EU subsidiary from London to Dublin [Image: Dan Kitwood/Getty Images].

“Lloyds of Dun Laoghaire”?

Seriously, I know it’s only one of the Lloyds insurers moving out to Dublin, to join one that is already going, but how many will have gone by the time Brexit actually happens (if it ever does)?

And how will the government of the day persuade us that London is still the world’s financial centre when they’ve gone?

Finance was very nearly all we had left after the right-wing dismantling of UK.

So, does Brexit mark the beginning of the end? Is the UK now a failed state?

One of Lloyd’s of London’s largest insurance syndicates is to move its European headquarters to Dublin because of Brexit, Ireland’s prime minister has announced.

XL Group, which operates the XL Catlin brand, chose the Irish capital as its preferred location for its principal EU insurance company subject to regulatory approval, said the Irish Industrial Development Authority.

It is one of a growing number of financial services companies moving some of their regulated EU operations outside the UK to guarantee access to the single market after Brexit.

XL is the second Lloyd’s of London insurer to announce EU operations would be headquartered in Dublin after the July announcement that Beazley would convert its Dublin operation to a business transacting throughout the EU.

This week a Reuters survey found that about 10,000 finance jobs will be shifted out of Britain if the UK is denied access to Europe’s single market.

Source: Lloyd’s of London firm moves European base to Dublin over Brexit | Business | The Guardian

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One Comment

  1. NMac September 21, 2017 at 8:33 am - Reply

    The cabal of right-wing nasties really don’t care how much damage they inflict upon the country and the vast majority of the people.

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