Beyond COVID-19: Crisis response or road to recovery?
Crisis response or road to recovery?
The financial services industry constitutes around 7 per cent of UK GDP, directly employs 1.1 million people (two-thirds of them outside London) and contributes a significant proportion of tax revenue to the UK. An important part of the industry is the banking sector, consisting of UK domestic banks and non-UK banks that have established themselves in the UK (many of which use the EU passport to conduct cross-border business).
Following the UK’s vote to leave the European Union, the Association of Foreign Banks formulated a position statement earlier this year to reflect what they understood to be the key Brexit related issues for the foreign banking sector in the UK. This was followed by a survey, carried out with Norton Rose Fulbright, among the AFB membership gauging the foreign banking sector’s sentiment on Brexit. AFB members, including some of the world’s largest banks, responded, looking at three areas:
We hope that you find the report insightful. If you would like to discuss any aspect of the report further, please get in touch.
Here we unravel some of the mystery surrounding NFTs and provide an insight into the intellectual property opportunities and pitfalls that a business should be aware of.
© Norton Rose Fulbright LLP 2021