FINANCIAL FIRMS MOVE £1 TRILLION IN ASSETS TO EU HUBS POST-BREXIT

A study from the think tank New Financial showed that over 400 financial firms in Britain have shifted activities, staff and a combined £1 trillion in assets to hubs in the European Union due to Brexit (Reuters). Some 7,400 jobs have moved from Britain or been created at new hubs in the EU, although some staff moves have been delayed due to Covid-19.

The think tank also revealed that Dublin is the most popular City for job relocation after it was picked by a quarter of firms moving to an EU hub post-Brexit (The Telegraph). The study identified 135 firms have moved business to Dublin, 102 moved to Paris, 95 to Luxembourg, 63 to Frankfurt and 48 to Amsterdam. The study showed by sector that a third of all asset management firms have opted for Dublin, 60 per cent of banks have chosen Frankfurt and nearly two thirds of firms moving to Amsterdam are trading platforms, exchanges or broking firms.

£100 MILLION OF SPENDING EXPECTED ON FIRST FRIDAY SINCE PUBS REOPENED

Britons spent more than £2,000 a minute in pubs and bought an average of six pints each at the start of the week, as lockdown restrictions were eased across the country (The Telegraph). According to data from Revolut, spending in barbershops and hairdressers was up 323 per cent compared to an average Monday. Overall spending increased 185 per cent compared to typical pre-pandemic levels.

Separately, the Daily Mail reports that five million pints are expected to be bought this evening in the first Friday night pubs have been open since October 2020. Spending at hospitality venues on Friday night is expected to reach £100 million. Pubs and bars in England can now open outdoor seating areas to welcome back groups of up to six people, or two households. Indoor seating will not be allowed until at least May 17 under the government's current roadmap out of lockdown.

NEWS IN BRIEF

The latest Bank of England credit conditions survey showed that lenders expect demand for mortgages to reach the highest level on record in the next three months as the stamp duty holiday, household savings, and increased home working create incentives to move (The Times, £).

Research from Knight Frank and the New London Architecture think tank showed planning permissions granted for skyscrapers in London was almost 11 per cent higher last year than in 2019, suggesting developers' confidence in workers returning to the office (The Telegraph).

The FTSE 100 rose above the 7,000 mark on Friday for the first time since the 2020 Covid-19 crash (City AM).

Two key European Parliament committees have approved the UK-EU 'trade and co-operation? agreement. The deal has been in provisional effect since January, after being struck at the end of 2020 in time for Britain's departure from the EU single market. (Financial Times, £).

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