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28/12/18
A brexit tale

A senior executive at the Lloyds of London re/insurance market tells me that his 90 person underwriting syndicate has spent £4m/$5m on preparations for Brexit i.e. over £40,000/$50,000 per employee. With less than 100 days to go until the UK’s scheduled departure from the EU on March 29th, 2019 and, with no sign of a breakthrough to the legislative impasse (Parliament is in recess until 7th January), he thinks there is a 50/50 chance that Article 50 will be extended. If indeed it is, one of the things business leaders most fear – extended periods of political and/or economic uncertainty – will need to be handled with care as some or all of the expense could be passed on to customers in the form of higher premiums. Ouch.

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