Lloyds of London: Belgium

HM Treasury written question – answered on 24th April 2017.

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Photo of Catherine West Catherine West Shadow Minister (Foreign and Commonwealth Affairs)

To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect on the economy of Lloyds of London establishing a new subsidiary in Brussels following the UK's exit from the EU.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

As part of its work to inform the government’s negotiating position, HM Treasury is engaging with a range of firms from across the financial services sector – including Lloyd’s of London – to understand their plans following the UK’s withdrawal from the EU.

Lloyd’s estimates that the number of jobs moved will be “in the tens, not the hundreds”. The Government is confident that London will remain the world’s preeminent insurance centre.

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