Brexit backers welcome HSBC decision to stay
ANTI- EU campaigners said yesterday that banking giant HSBC’s decision not to move its HQ out of Britain proved business will not flee because of a Brexit.
But they condemned scaremongering after HSBC bosses said they could still move some 1,000 UK staff to France if Britain quits.
The announcement by Europe’s biggest bank that it will keep its head office in London followed a long review and concessions to the City by Chancellor George Osborne.
Matthew Elliott, chief executive of the Vote Leave campaign, said: “HSBC claimed it might move its headquarters due to uncertainty about whether the UK would stay in the EU.
“This was an attempt to scare people into backing EU membership”, adding that even the proponents of such scaremongering did not believe it.
He added: “Many major businesses are saying that they will continue to invest in the UK when we vote to leave. People should not believe the In campaign’s baseless scare stories.
“It’s remarkable that one moment HSBC are saying they will stick with the UK given the strengths of our economy, our legal system and our talent pool, yet only hours later they are threatening to relocate bankers to Paris. The safe option is to Vote Leave.”
The HQ review was announced last year amid concerns about increasingly strict regulations and the bank levy introduced in 2010 on British- based banks’ global balance sheets, which cost HSBC £ 720million in 2014.
Mr Osborne, who has since said he will gradually reduce the levy, has called for an end to “banker bashing” and was said to be behind the early departure of toughminded Martin Wheatley as head of the Financial Conduct Authority.
HSBC has 48,000 jobs in the UK. Its review reportedly considered various options but the final choice was between Hong Kong and London.
A Treasury spokeswoman welcomed the decision to stay in London: “It’s a vote of confidence in the Government’s economic plan and a boost to our goal of making the UK a great place to do more business with China and the rest of Asia.”