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. World Bank, IMF Push to Consolidate Patchwork Approach to Coronavirus Crisis The bank is expected to announce a plan for moving some operations from London into Frankfurt, where it will be able to take advantage of lower costs and more favourable tax laws. 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.
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. The bank is expected to announce a plan for moving some operations from London into Frankfurt, where it will be able to take advantage of lower costs and more favourable tax laws. 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.