The BBC and Remainstream media are getting very excited at news that Lloyd’s of London is opening an EU subsidiary in Brussels. Remainers are spinning that this proves they were right about an exodus from the City. Except if you look at what Lloyd’s chief executive Inga Beale has actually said this morning, it’s a very different picture:
“It’s not moving our whole London base, it’s just setting up an EU subsidiary.”
Chairman John Nelson confirms:
“London will remain the major financial centre for Europe. It’s certainly going to remain the major financial centre for Lloyd’s.”
How many people will be working in the Lloyd’s Brussels office? Nelson says it will be in the “tens, not the hundreds”. Lloyd’s of London has 995 staff. It is just untrue for Remainers to say this is evidence of a exodus from London.
Is it any surprise that Lloyd’s would open a small EU subsidiary in an EU country post-Brexit? It’s not even a surprise that they would choose Belgium, seeing as “Lloyd’s in Belgium” has existed since 1994.
John Nelson, the Lloyd’s chairman, is keenly pro-EU. Don’t believe the hysterical reports in elements of the media, or the dishonest gloating of the Remain Twitterati. Tens of Lloyd’s staff are heading to Brussels, the vast majority of the thousand or so staff will stay in London…