Brexit Accelerates Business ExodusAugust 15, 2017
GIC Board Member, J Paul Horne’s report on the accelerating exodus of refugees, notably financial, from Brexit titled Brexit Accelerates Business Exodus was published by The European Institute.
Banks, insurers, businesses and European Union (EU) agencies based in the UK are accelerating their moves to assure full access in the EU, the world’s largest financial-economic area. Their theoretical deadline is Friday, March 19, 2019, when Britain will be out of the EU according to EU Treaty rules, but practical hurdles make the real deadline mid-2018. The exodus of Brexit-generated refugees is also growing more urgent because the Tory government has failed to clarify its Brexit negotiating strategy during the 14 months since the fateful referendum. This policy vacuum is forcing companies to plan for the worst-case scenario – “hard Brexit.”
The European Institute is the leading Washington-based public-policy organization devoted solely to transatlantic affairs. It provides an independent forum for top-level decision makers from the U.S. Administration and Congress, the European Commission, Council and Parliament, European Embassies, major foundations and global corporations, to discuss issues of common interest, strengthen the transatlantic relationship and respond to new challenges. It’s mission is to be an early warning system and mechanism for conflict resolution.