Financial services companies are preparing to move £1 trillion worth of assets out of Britain, a report says.
EY, the professional services firm, said that 23 companies are planning to move their investments, stock and other assets out of the country to shield themselves from the consequences of a damaging Brexit. The value of assets expected to leave the UK has risen by £200 billion in the past quarter.
The findings come as remarks from an official at the European Central Bank (ECB) suggest that seven large banks are preparing to move about €1.2 trillion of assets from Britain to the eurozone.
Ignazio Angeloni, a member of the bank’s supervisory board, told Bloomberg: “We expect seven significant institutions to come under ECB supervision at the