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Parliamentary debates and questions

S5W-21089: Tom Arthur (Renfrewshire South)

Scottish National Party

Date lodged: 17 January 2019

To ask the Scottish Government what its response is to EY’s recent analysis, which states that assets worth nearly £800 billion are being moved from Britain to new financial hubs in the EU ahead of Brexit, and that this figure will increase as 29 March 2019 nears.

Answered by: Kate Forbes 31 January 2019

EY’s report highlights the actions being taken by companies across the financial sector in preparation for the UK's exit from the European Union. Businesses are being forced to take this action now to ensure continuity of service to their customers across the European Union.

EY's report covers only those companies who have publicly reported their actions, and the true figure is likely to be higher. As we move closer to 29 March 2019, more companies will be forced to put their contingency plans into action to protect their business and this figure is likely to increase.

We will continue to urge the UK Government to rule out a no-deal Brexit, and allow businesses to plan for the future and retain jobs and investment here in Scotland.