HSBC to stay in UK
HSBC have been threatening to leave the UK for ages now, thanks to banking regulations brought in by the Treasury. Well, they're putting an end to all this chatter and staying in London, which of course, is being heralded as a victory by the government, who say that this shows a "vote of confidence in the government’s economic plan".
The bank launched a review last April, to decide where it was going to base itself. Of course, the company launched in the 1800s in Hong Kong, but as of 1992, it had the main headquarters in London when it took over Midland Bank.
Stuart Gulliver, the chief exec at HSBC, said that staying in London "delivers the best of both worlds to our stakeholders" and added that Britain is "internationally recognised" when it comes to regulatory framework and the legal system, which they obviously like.
A Treasury spokesperson said: "The [board has] looked carefully and dispassionately at the facts and confirmed that the UK is the best place to base a global business."
This news follows the long discussions which many banks have been having, where they talked about Britain becoming too hostile for them to operate. HSBC said, when they started their review, that they would be looking for the 'best place' to put themselves, and pointed at the UK's new rules for financial institutions.
The big things that HSBC were concerned with, were larger tax bills and the fact that the UK were thinking about leaving the EU. However, the British government have eased off on banks, with the Chancellor saying that he'll cut the bank levy (which happened to cost HSBC a whopping £633m last year).