Brussels plots to poach UK’s finance and insurance firms

A new campaign holds the slogan “The future is close. Brussels is yours” as Brexit’s deadline swiftly approaches.

Brexit’s lengthy transitioning period is set to commence in four months. This means many UK-based financial companies may be seeking to expand in to mainland Europe to maintain their reach to the European market whilst the UK is still a part of the European Union.

If a company decides to solely remain in the UK, post-Brexit, it will limit its audience and will become more difficult and expensive to trade or offer its services to those within the EU.

Following the footsteps of Paris earlier this year, the Brussels Capital Region has announced the launch of its campaign to poach numerous London-based companies in the insurance and finance sector before Brexit is complete.

In its bid to replace London as the fintech capital of Europe, the campaign is being backed by Brussels’ regional government, regional trade associations and industry bodies. Brussels is home to various major regulators as well as the EU headquarters which is why the high-profile bodies of the region think this would be an ideal destination to expand in to.

The beginning of the UK parting ways with the EU is set to be 29 March. As this date quickly approaches, the slogan, “The future is close. Brussels is yours” is accompanying the campaign.

The transitioning period will commence from 29 March until 31 December 2020.

Cécile Jodogne, Secretary of State for Foreign Trade at the Region of Brussels, said: “Despite the UK and EU establishing in principle, a Withdrawal Agreement, there will still be plenty of room for uncertainty until the end of the transition period.”

Jodogne says that it is now a priority for UK-based companies to establish a base of operations within the EU to maintain a functioning business between the two markets.

A series of events will be held at the Belgian Embassy in London by the Brussels Capital Region. The objective being to inform UK businesses of potential opportunities which could arise by expanding in to the Belgian capital. The first event takes place on 4 December, directed at finance and insurance companies to learn more about the city and can meet with industry regulators.