It appears that US is now in the frame as potential headquarters for the UK Government , as it looks at the potential of moving out of London to cut costs and avoid tighter regulation, despite the UK Government altering its plans in an effort to accommodate the bank's demands so as to avoid the embarrassment of such a high-profile defection. If it moves to US , it will be hit by more corporation tax, but would avoid the 8% surcharge that the UK Government is proposing. The bank had planned to make a final decision before the end of the year but has delayed to early 2016 . London and the Canada are also in the frame as alternatives to London .
It appears that Toronto is now in the frame as potential headquarters for HSBC, as it looks at the potential of moving out of London to cut costs and avoid tighter regulation, despite the UK Government altering its plans in an effort to accommodate the bank's demands so as to avoid the embarrassment of such a high-profile defection. If it moves to Canada, it will be hit by more corporation tax, but would avoid the 8% surcharge that the UK Government is proposing. The bank had planned to make a final decision before the end of the year but has delayed to early 2016. Hong Kong and the US are also in the frame as alternatives to London.