World Economy

HSBC Considers Quitting UK

HSBC Considers Quitting UKHSBC Considers Quitting UK

One of the world’s largest banks, HSBC, is considering moving its headquarters out of Britain because of tough regulations and uncertainty over the country’s future in Europe. The bank’s chairman Dougles Flint blamed “the regulatory and structural reforms which have been put in place post crisis” for the bank’s decision to launch a review it has been talking about for several years. “The question is a complex one and it is too soon to say how long this will take or what the conclusion will be; but the work is underway,” Flint said. The announcement comes at a highly sensitive time for British business. The economy is growing strongly but executives are concerned that an election on May 7 may result in a more hostile environment for companies, or put the UK’s membership of the European Union at risk.