Lloyd’s: London Will Remain Our Major Financial Centre

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…




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Quote of the Day

Matthew Parris self-diagnoses as a Remainiac:

“There’s no denying it. My spirit is restless and I must confess. This Brexit thing is driving me slightly mad. And I do mean that clinically: not as a rhetorical flourish. My mental state, like that of so many I know on both sides of the Remain/Brexit divide, is capable of medical diagnosis. A shaft of insanity has pierced our interior lives. I really am becoming a Remainiac… I know I’m boring my readers; know there’s almost nothing left to be said; know that the voice in my head, my mother’s voice, telling me I just need a good night’s sleep, is right… Is it not the first and clearest indication that the balance of one’s mind has been disturbed that, when having done all one reasonably can to achieve a result, one simply cannot let something go? What is the point of waking up at 3 a.m. and fretting sleepless until sunrise that we are leaving the European Union?”

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