The CEO of Lloyd’s of London has shed light on the company’s decision to set up a new post-Brexit financial centre in Brussels in a recent interview.
Lloyd’s announced the move after the insurance market failed to secure “passporting” rights for London, which would have allowed financial companies to continue doing business across the European Union after Brexit, according to a report in the Daily Express.
Speaking to Bloomberg, Inga Beale said the new financial hub, scheduled to open in 2019, is a way to continue operating as usual in Europe in a post-Brexit world.
“Brussels will always allow us to operate with the changes that will come with Brexit,” Beale said. “We can secure continuous investment from our European partners, seamlessly.”
Beale praised Brussels’ “robust reputation for regulation and multilingual talent.” She also admitted that the Belgian city was picked over Paris because Belgium was believed to be more likely than France to stick with the EU for the long haul.
Lloyd’s currently employs about 700 people in London – but there’s uncertainty about the city’s future role as a financial hub following Brexit, according to the Express. Lloyd’s intends to move about 100 jobs to the Belgium hub and take about 5% of the firm’s total business.
However, Beale was conciliatory toward the UK, insisting that “in the end, nothing will really change” in London.