MBR_ISSUE 49_MARCH_lowres

NEWSMAKERS
Malta Business Review
Whatever
happens now,
Brexit has
inflicted serious
damage on UK
financial services
Whatever happens next, Brexit has
inflicted unprecedented damage on the
UK’s financial services industry – which
makes up about 6.5 per cent of Britain’s
GDP.
This is the warning from Nigel Green,
the founder and CEO of deVere Group,
one of the world’s largest independent
financial advisory organisations. Mr
Green says: “The actual process of
leaving the EU itself is now increasingly
irrelevant. Indeed, even if the UK didn’t
leave, unprecedented damage to the
UK’s financial services industry has
already been done.
“Following years of uncertainty and a lack of
firm leadership from all parties, firms across
the sector have had to take precautionary
action to safeguard their interests.
“Typically, this involves relocating parts
of their business or key staff to places like
Paris, Luxembourg, Dublin, Frankfurt and
Amsterdam, or setting up legal entities in
the EU. Sometimes this has been done
publicly, but a lot has, so far, not been
disclosed, so we still can’t know the full
scale of the situation.”
He continues: “With no meaningful
access to the EU’s single market, the UK’s
financial services sector is bracing itself
for what is likely to be a long and steady
decline, ultimately losing its coveted
ranking as the world’s top financial
centre. “The lack of confidence in the
UK’s financial services sector, which
contributes around 6.5 per cent to the
country’s GDP, will inevitably hit jobs and
the government’s tax base.”
The deVere CEO concludes: “The steady
drain of investment, talent and activity
away from UK financial services might be
able to be stopped, the situation might
be recoverable, but confidence needs
rebuilding fast.” MBR
Annual Pharmacy Symposium at the Aula Magna
Parliamentary Secretary for Consumer
Rights, Public Cleansing and Support
for the Capital City Deo Debattista
delivered the opening address at
the Annual Pharmacy Symposium at
the Aula Magna, University of Malta,
Valletta Campus. During the symposium,
students following one of the five
courses offered by the Department
of Pharmacy presented their final
dissertation/projects or their works-inprogress
project through oral and poster
presentations. All students participated,
including around 20 students on
Erasmus mobility. There are currently
35 students following the doctorate
programme who are coming from 13
countries. The symposium provided
an informal platform for students and
staff to network with stakeholders
on opportunities in pharmacy and
pharmaceutical technology. MBR
DOI – Jeremy Wonnacott; Universita ta’ Malta, Il-Belt Valletta
www.maltabusinessreview.net
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