The UK Financial Supervision Authority (FCA) has allocated 30 million pounds of provisions to cover the costs incurred in connection with Brexel this year. They have added that they have to put aside many of their traditional activities to prepare for Britain’s exit from 2019 in the United States, according to Guardian.
The FCA will also suspend some “non-critical” projects as it claims you need resources to manage the effects of Brexit.
The British financial system is currently the driving force behind Europe’s banking center and the UK economy, around 7% of GDP is produced by City.
“We have a lot of work with Brex, there is a greater level of uncertainty,” said Andre Bailey, president of FCA.
Several world-wide banks have announced that they relocate part of their staff from London to Dublin, Paris or Frankfurt, but the number of downsets is much lower than expected.
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