EU expat bankers in London facing Brexit threat

EU citizens working as experienced professionals in London’s financial industry are reluctantly preparing for the worst scenario.

As the March 2019 Brexit deadline creeps closer, City of London bankers are reluctantly preparing for their worst-case scenario – a no-deal crash out of the EU. Decisions have to be made now, as waiting till the last minute for a miracle which didn’t happen would precipitate a brutal loss of passporting access to the EU. As part of this worst scenario, billions of pounds would be needed to fund offshore offices in order to keep faith with investors and world markets.

At the present moment, the political pendulum seems to be gently swinging towards a Brexit fudged towards the softer side, slightly resembling May’s derided Chequers plan. It still means the loss of passporting rights, but at a slower, gentler pace, giving London’s bankers time to relocate in an orderly manner. It’s a huge undertaking for the industry, involving getting all staff on board no matter how they feel about the situation, making final plans public and budgeting for their setting up and completion. Whichever way the pendulum swings, it’s going to cost several massive fortunes overall.

Not the least problem for all involved will be the relocation of crucial expat employees to wherever their employer decides to hang the company hat. Along similar lines, UK financial experts working for the company may well have the choice of relocating to the EU or leaving, causing family upheavals, kids dragged out of school and, possibly, partners’ careers interrupted. Throughout the entire Brexit fiasco, the gaping gap where concern for human beings should be lodged is perhaps the most disturbing issue of all for those affected. Politics is about people, but the people involved in politics don’t care.