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Goldman Sachs is launching a UK transaction bank, which provides companies with day-to-day treasury operations such as payment processing and payroll. It comes a year after the Wall Street giant set up a division in the US.
Since its creation, the American transaction bank has taken £25bn in deposits and has processed trillions of dollars.
It is hoped the UK’s branch will be similarly successful and is part of the investment bank’s drive to diversify into other areas.
Goldman Sachs, alongside arch-rival JP Morgan, are increasingly targeting the UK’s lending market – trying to take on current market leaders such as HSBC and Barclays.
This is despite both the US banking giants being vocal critics of Brexit – despite them continuing to invest in the UK after it left the bloc.
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Since the transition period ended in January, Brexit Britain has struck numerous lucrative trading agreements with countries around the world.
The most recent of these has been with Australia, with the UK’s International Trade Secretary Liz Truss once again championing Global Britain.
But far from celebrating the tariff-free, quota-free elements of the FTA, it has left unapologetic rejoiners furious, according to a leading Brexiteer.
Douglas Carswell, a former UKIP MP who joined Nigel Farage’s party after defecting from the Conservatives, has exposed the desperate plot.
Writing for The Daily Telegraph, the Vote Leave campaign co-founder said: “Perhaps some of those that spent the week belittling the deal have a rather condescending view of our Australian cousins?
“The days when anyone in Britain could look down on ‘Down Under’ are long gone.
“In the four decades we were stuck inside the EU, Australia leapfrogged us, with per capita income now almost 15 percent above ours.
“Others spent the week suggesting that this deal will ruin UK farming, with a flood of cheap Aussie food imports.
“This is despite the fact that the deal specifically imposes quotas on Australian beef, sugar and lamb imports for the next 15 years.”
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