Brexit cost to financial services firms hits £4bn

The direct financial impact of Brexit on major UK financial services has reached nearly £4bn, according to new data from EY. This sum includes £1.3bn of relocation costs, legal advice and contingency provisions, plus an additional £2.6bn for capital injections to scale new non-UK headquarters.
The impact of Brexit on the economy has also affected the financial services sector with share price falls, lower profits, dividend cuts, a slowdown in lending, loss of customers and reduced capital market activities all hitting revenues.

Source: Financial Reporter
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