World Bank, IMF Push to Consolidate Patchwork Approach to Coronavirus Crisis
Barclays' analysts and others report that HSBC may look to move its headquarters out of the UK despite the concessions announced in George Osborne's budget. They estimate that the changes announced will allow HSBC to record a 6% increase on earnings in a comparison against the bank's projected performance in the previous regulatory framework; however, they argue that this may not be enough to convince the bank to remain domiciled in the UK. The bank levy will be gradually reduced over the next six years, and will apply only to domestic balance sheets from 2021, instead of on worldwide assets.