UBS confirmed some time ago they would be moving staff from their London offices as a direct result of the vote to leave the European Union, initially fearing it would need to relocate up to 1,000 team members. However, in a move that will be welcomed by the UK financial sector, UBS has suggested it could move as few as 250 instead.
Speaking last week to the Financial Times, UBS Chief Executive Sergio Ermotti said it was becoming 'more and more unlikely' that the bank would need to relocate as many staff members as was initially feared. The change is thought to be down to clarifications given to the sector in terms of post-Brexit regulations, although he didn't specify exactly what has been clarified.
The bank hasn't put a figure on how many of their staff will be moving, and although sources have suggested that things could still change dependent on the result of Brexit negotiations, it will come as welcome news to both the Tory government and the financial sector as a whole.
Despite this welcome news - and the surprising revelation that the UK economy has grown over recent months - many sectors are still reporting difficulties amid the Brexit uncertainty. The technology sector, creative arts and the steel industry in particular have all reported significant concerns, notably in relation to the loss of freedom of movement and large employers moving operations from Britain and into Europe.
The manufacturing industry is particularly concerned about companies moving operations out of the UK, and a 2017 KMPG study reported that 1 in 3 manufacturing firms plan to move some operations out of the UK as a result of the vote to leave the European Union.