HSBC has transferred ownership of branches in Belgium, the Czech Republic, Ireland, Italy, Luxembourg, the Netherlands and Spain away from London and to HSBC France as it prepares for Brexit.
Commenting, Wes Streeting MP, leading supporter of the People’s Vote campaign, said:
“Theresa May’s car crash Chequers plan for Brexit offers nothing for services and would be a disaster for financial services. That in turn would mean a lower tax take and less money available for public services.
“The Government seem prepared to sell our services sector – which represents 80% of the UK economy – down the river. It is no wonder that jobs, money and influence are draining away from the UK’s financial services industry, as seen with HSBC’s decision to transfer ownership of subsidiaries to its French unit.
“With Brexit putting financial services jobs at risk, it is no wonder more and more people are backing a People’s Vote on the final Brexit deal.”