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Bridgepoint readies onshoring plans amid Brexit uncertainty

Bridgepoint Advisers Ltd. is working on an onshoring plan to cash in on cheap labor caused by the significant weakening of the British pound, the Financial Times reported.

The European private equity firm is planning to transfer back-office jobs to the U.K. from mainland Europe as competent employees would be much cheaper to hire with a cheaper pound, Bridgepoint Managing Partner William Jackson said in an interview with the publication.

A Bridgepoint spokesperson told the FT that the firm's plans were still under evaluation and nothing has been decided yet.

The pound is at risk of becoming undervalued because of a potential no-deal Brexit and a government led by left-wing leader Jeremy Corbyn, the report noted.

British Prime Minister Theresa May, who is in the middle of ironing out her final proposal for a Brexit deal, has promised to outline plans for her departure in the coming weeks, triggering expectations that she may be succeeded by a member of the Labour party.

Conversely, other buyout groups expressed their intent to leave the U.K. should Corbyn take the helm due to an expected tax increase on high earners, according to the report.