Thursday, 30 March 2017

Lloyd's of London confirms Brussels base!

When I read the above headline on the BBC front page I thought wow, are Lloyd's really moving to Brussels?

Reading on I learn that it's a subsidiary,  you can read the BBC article here

Of course the truth is somewhat less exciting as Lloyd's chief executive Inga Beale said this morning, "It's not moving our whole London base, it's just setting up an EU subsidiary."

Lloyd's Chairman John Nelson said:

"London will remain the major financial centre for Europe. It's certainly going to remain the major financial centre for Lloyd's."

John Nelson also said that the number of jobs in the Brussels subsidiary would be in the "tens, not the hundreds".  Lloyd's of London currently has 995 staff. It is not even clear that any jobs will move from London to Brussels or if these will be extra jobs.

But for the BBC facts are less important than pushing the BBC's anti Brexit narrative.

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