Banks, Insurers Eye The Door As UK Reaches Brexit Deadlock

Law360, London (January 16, 2019, 2:33 PM GMT) -- Britain's financial services have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.

With the U.K. Parliament overwhelmingly rejecting Prime Minister Theresa May's withdrawal agreement with the European Union, corporate Britain is facing "an unparalleled situation of unrivaled complexity,” said Robert Weekes, managing partner of Crowell & Moring LLP’s London office. (AP) Banks, insurers and other businesses with cross-border exposure have been asking for more than two years for details on how to adjust...

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