Brexit preparations have cost UK financial sector £4bn

Pedro Gonçalves
clock • 2 min read

UK financial services firms have said that they have spent almost £4bn ($5.07bn) preparing for the UK's departure from the European Union, according to consultancy firm EY. The figure is based on the public announcements of the 222 largest UK financial services companies monitored by EY and includes £1.3bn of relocation costs, legal advice and contingency provisions since the EU referendum. It also includes £2.6bn of "capital injections" to scale new non-UK headquarters in anticipation of Brexit.  Banks such as HSBC, Barclays and Royal Bank of Scotland have all put aside extra cash to...

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