Office for National Statistics
What Brexit Means for Financial Institutions
Report

What Brexit Means for Financial Institutions

Tim Monger, Philippe Morel, Olivier Sampieri, Yann Sénant and Ben Wade
Boston Consulting Group, 2016
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Editorial Rating

8

Qualities

  • Analytical
  • Scientific
  • Visionary

Recommendation

The United Kingdom’s vote to quit the European Union will no doubt cast a long shadow on the country’s economic prospects, and financial institutions operating in the UK will face some of the consequences of that negative performance sooner rather than later. Banks and other financial entities should begin now to prepare for how they will operate in the UK and in the EU post-Brexit. This brief but informative report from professionals at the Boston Consulting Group lays out the possible scenarios for a variety of financial institutions and tallies up their costs. getAbstract recommends this worthwhile text to financial professionals and bank customers alike.

Summary

Most economists believe that, starting in 2020, the United Kingdom’s GDP will be three to eight percentage points lower than it would have been had the country stayed in the European Union. After the Brexit vote, the pound weakened against the dollar, and two major credit rating firms downgraded UK government debt ratings. Consumer confidence is likely to slip, and unemployment could rise. For financial institutions, doubts regarding the future “passporting” capabilities of UK banks – without which British firms must set up branches or subsidiaries in the EU – will cast a pall on banks’ operations and planning...

About the Authors

Tim Monger et al. are professionals with the Boston Consulting Group.

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