Last night (31/01/17) in conjunction with Powerscourt, the London Irish Business Society hosted a private panel event at Glazier Hall in London to discuss the substantial political, economic and social impacts once the UK leaves the EU.
The panel was moderated by Manus Cranny of Bloomberg TV and included, Eoghan Murphy TD, Minister of State for Financial Services, Philip Lane, the Governor of the Central Bank of Ireland, Rob Murray, Partner at Mishcon de Reya and lawyer to Article 50 plaintiff Gina Miller and Richard Bourke, Professor of the History of Political Thought, Queen Mary University of London
The Minister mentioned that after the two years of formal Brexit talks conclude, he expected there would need to be at least a five-year transitional agreement between the EU and Britain before a complete divorce could take effect.
He confirmed some UK-based financial services firms have already decided to relocate at least part of their operations to Ireland, and others are expected to follow. Britain’s decision to trigger Brexit at the end of March had been a catalyst for these moves. He reiterated Michael Noonan’s statement last month that there have been over 100 UK financial services firms enquiring about relocation.
Lane - "There is not going to be any new London in the EU 27. History happened in a certain way. You can't just lift institutions and drop then somewhere else." "You may well have this fragmented but integrated financial system so location X has a cluster of derivatives trading, location Z has a cluster of insurance etc," he explained.
The event was picked up not only in Irish and British media but also by international publishers.