HSBC likely to keep HQ in London

Considered move out of country

HSBC is likely to keep its headquarters in London, following an extensive review of its domicile, after it was announced in the latest Budget the bank levy would be cut back.

The bank, which has a large proportion of its operations outside the UK, was considering moving its headquarters elsewhere, partly due to the financial pressures from the bank levy introduced in 2010. This effectively penalised banks such as HSBC and Standard Chartered, which are domiciled in the UK but have most of their operations outside the country. However, in the Summer Budget Chancellor George Osborne announced this levy would be cut back in the new year. HSBC is understood to be closing in on a decision about whether to move its domicile out of London, according to The Tele...