In London and in the rest of the European continent the strategies to avoid Brexit’s negative consequences and to take advantage of its opportunities are being redefined.
The Brexit’s economic and juridical consequences do not stop but after the first shocking days, the strategies are being redefined now in both sides of the Channel. Firstly, is in the UK where the worst turmoils are taking place, especially in the stock market and M&A sectors, following The Guardian.
The British newspaper points out a warn, launched by the Bank of England last Tuesday noticing that the major economic decisions could be stalled in various sectors, such as the housing market.
In this regard big businesses like Henderson, among others, have locked its investments funds in the UK during the latest hours, 12.000 millions of pounds estimated funds as it was stated by the Spanish economic journal Expansión.
To make things more difficult the think-tank Centre for Cities has released a survey that rises again the decentralised taxation’s debate in Great Britain, leveraging that has recently finished the PAYE Settlements Agreements’ payment’s deadline. Following this survey, only London is withstanding one-third of all taxes collected in the cities because, in this country, taxes such as VAT, income tax, corporation tax, heritage tax and capital gains tax, among others, are linked to the economic growth and it happens to be that more-tax-charged regions have voted for Bremain while those less-tax-charged have preferred the Brexit.
However, in London are trying to take the lead and they have made measures such as authorising the LSE and Deustche Börse’s merger while the Coventry’s Building Society has counter-attacked by a historical two-point-thirty-five-percentage’s 10-years-mortgages’ drop.
In Spain, reactions have been quit to materialise and in the legal sector, the most important chambers are analysing how the new EU- UK legal framework could be affected. In this regard, they have started to implement contingency plans and they are turning themselves over their clients’ guidance in order to avoid them the Brexit’s most unpleasant havocs because it is long-term expected that while UK’s withdrawal from the EU is strengthening the legal differences between the British law and EU’s ones will be increased.
As a consequence and to summing up, the legal counselling interested-in-the-UK clients’ relations management will increasingly be a key factor in this kind of chambers apart from a new business opportunity.
If you have any legal doubt on how Brexit would affect to your investments, savings or assets, please do not hesitate to contact us for a complimentary review at clerk@delcantochambers.com
Del Canto Chambers’ Newsroom
