Brexit cost for financial services sector nears £4bn

Brexit

The direct financial impact of Brexit on major financial services firms, including insurers and brokers, has reached nearly £4bn as of 31 May 2019, according to EY.

The firm detailed that this included a cost of £1.3bn to relocate staff and operations, legal advice, contingency provisions and an additional £2.6bn for capital injections to grow headquarters based outside of the UK.

According to EY, the actual figure is likely to be higher as only 13 of the 122 firms monitored by its Financial

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