London loses 7,500 finance jobs due to Brexit (survey)
Financial firms have moved more than 7,500 jobs to European locations outside the UK due to Brexit, an investigation found Thursday.
As Britain’s transition out of the EU draws to a close, the pace of relocations has slowed, in part hampered by the coronavirus, the investigation by financial services group EY added.
He added that Dublin is the most popular destination for staff relocations, followed by Luxembourg.
EY’s Financial Services Brexit Tracker also estimated that assets worth a combined £ 1.2 trillion (US $ 1.52 trillion, € 1.3 trillion) could be transferred.
“Many financial services companies had implemented the bulk of their relocation plans before the start of the year, and we saw very little movement in the first half of 2020,” said Omar Ali, managing partner of services UK financiers at EY.
“But as we quickly approach the end of the transition period, we see some companies taking action on the final stages of their Brexit planning, including offshoring.
“This is despite the pandemic and the consequent restrictions on the movement of people, which clearly makes the resettlement of people more difficult and adds complexity for those seeking to travel to the EU,” he added. .
Ali said that “companies are looking for new standards that will support UK industry beyond the initial post-Brexit phase, ensuring it remains a leading global financial center.”