London’s business community remains surprisingly upbeat about the city’s economy and outlook for the next 12 months, according to a survey of professionals by Santander.
The poll found that just 9% of local business people are pessimistic about London’s economy; in contrast, almost half feel that despite Brexit, London’s economy is unchanged and 45% are optimistic, including 13% who are ‘very’ optimistic. Just 16% believe the outlook for business will worsen over the next 12 months and the majority are hopeful about prospects for local employment.
The research of local business sentiment was conducted to support Santander’s Breakthrough Red Box week-long business event to showcase support for business in London.
Morgan Stanley is moving staff to Frankfurt in time for the March 2019 Brexit deadline.
The US bank, which already has 350 employees based in the city, will transfer some trading activities currently undertaken in London and create a further 150 to 250 jobs according to reports.
Frankfurt has announced proposed changes to employment laws to allow banks to hire and fire more easily.
A study of professionals across the UK financial services sector finds that many are confused on how compliance with the legislation will be affected by withdrawal from the European Union.