Some 44% of UK-based financial services firms are moving or planning to move operations or staff to the EU (operations mainly to Dublin and Luxembourg and staff to Paris), EY found. That is not to say Brexit has been impactless. The financial services sector accounts for about 12% of Britain's GDP. Sir Mark Boleat, an ex-chairman of the City of London Corporation, warned of what he called the nuclear scenario in which the European Central Bank (ECB) would force relocation of euro-denominated trading from London to the eurozone, with the potential loss of 230,000 jobs in the City, London’s financial hub.Īs of end-2021, asset transfers totaled £1.3 billion, according to financial group EY, and the largest investment banks located in the UK have revised down the number of staff that will be relocated to the EU to just under 7,400, a tiny percentage of the 1.1 million people working in finance, 400,000 of whom are based in London. Warnings in 2018 were stark: Brexit could result in the loss of 75,000 jobs and up to £10 billion (€11.1 billion, $12.9 billion) in annual tax revenues. The number of jobs and institutions in the finance sector shifting from the UK to the EU due to Brexit has turned out to be far smaller than some expected.
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