Assets worth almost 800 Billion pounds are being shifted from Britain to novel financial hubs in the European Union (EU) ahead of Brexit, consultancy EY stated recently. Britain, which is expected to leave the bloc in March, has yet to approve a contract to shun an unexpected severing of ties with the EU. Though the British Parliament is scheduled to vote on a projected settlement next week, it is not clear if it will be accepted.
Omar Ali, UK financial services leader at EY, stated that, as we come closer to 29 March 2019, without an agreement, the more assets are supposed to be shifted and headcount relocated or hired locally. EY has been tracking the Brexit strategies of about 222 financial companies since Britain voted in June 2016 to leave the EU. In its recent update in November 2018, it proclaimed that almost 80 companies are thinking about or have decided to relocate assets and employees.
On a similar note, now, Britons will have to give €7 (£6.30) every 3 Years to go to EU countries. This change is said to be the result of Brexit. The European Commission recently verified the news that the U.K. travelers will not require a visa. However, they will be required to present their application for the same and purchase another document. It is called European Travel Information and Authorisation System (ETIAS). Although it is not introduced yet, this system is projected to come into force in 2021.
The travel obligation is not just for the U.K. but for numerous other non-EU countries as well. People from EU countries, which presently includes the British population, are allowed to move anywhere in the EU. However, any individual from a non-EU country has to present their application for a visa, unless they are from an exceptional list of about 61 countries, which also includes Japan, the U.S., and Australia.