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Stephen Haddrill, Chief Executive of the FRC, said: “The UK is the largest capital market to require the use of International Financial Reporting Standards (IFRS). It is the most powerful centre of accounting expertise outside the US.

“Based in the UK, the IFRS Foundation has secured unique access to knowledge and experience, which has helped to ensure its international standards have kept in time with market developments.

“A move overseas for the IFRS Foundation would be counter-productive. It is logical for the Foundation to remain in the UK.”