Posted in July 2016 on Jul 05, 2016
It will take a while for the penny to drop for many, but despite a concerted rearguard action from London to protect its position as Europe's pre-eminent finance centre, its position in Europe has already changed forever. Much of the speculation in the aftermath of the Brexit vote has been around who might replace London, which in my opinion is the wrong question, since a more likely result will be the development of many centres rather than one. This is an opportunity for the fintech sector, but a major logistical challenge for the banks.
The City of London is gearing up for an almighty effor...
Posted in July 2016 on Jul 03, 2016
As I have written before, the real risk for offshore centres is that onshore jurisdictions will bring more and more of the products and services offered by offshore jurisdictions onshore.
George Osborne's move to reduce corporation tax to 15% is I believe just the first in a series of developments in the wake of the Brexit vote that will cast the UK as offering the same tax efficiency as an offshore centre, but within an unparalleled global finance infrastructure.
For the offshore jurisdictions' perspective this is challenging in two ways; having a more and more competitive UK would be difficu...