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Brexit May Provide Extra $14.6 Billion Yearly to U.K. Banks

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A pro-Brexit lobby group reported that biggest banks in United Kingdom could gain 12 billion pounds or $14.6 billion more in revenue after Brexit.

On Sunday, Leave Means Leave campaign stated that Britain would be able to cut repressing red tape of Brussels. Brexit may mean United Kingdom leaving EU single market for trade services, which consists of 28 nations. Nonetheless, sales growth for financial firms will be seen. The group added that London would now be able to prevent Euro area survival means and banking crisis.

Leave Means Leave Co-Chairman, Richard Tice, cited in his e-mailed statement that a revenue-generating and bright future awaits Britain outside the trading bloc. The country is opening more opportunities as it acquires its legal jurisdiction without external regulations. Britain may also deregulate unnecessary rules.

Many have warned Britain for leaving EU, emphasizing that London will be putting billions of its revenue and taxes at risk. Jobs as many as tens of thousands will be at stake as well. Nonetheless, Leave Means Leave explained that jobs would only be at risk if London’s all intra-EU trade flopped.

On behalf of TheCityUK lobby group, Oliver Wyman reported that it could cost as much as 40 billion pounds revenue loss for U.K.’s financial firms after Brexit. This will lead to relocation of as many as 70,000 jobs, and stripping the nation of 10 billion pounds in taxes.

On Friday, Barclays Plc Chief Executive Officer, Jes Staley, stated he eyes for incremental steps in transferring operations to a different area and countervail Brexit influence.

Access to the deepest and flowing capital market is in London, claimed by Leave Means Leave. This is the reason why it advises European financial companies to relocate in the city than overseas. The advice counteracts warnings over business relocations after U.K. leaves EU markets.

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