The finance industry is taking roughly ￡1 trillion in assets out of the UK as a result of Brexit uncertainty – up by ￡200 billion from an estimate in January, according to data from EY. That comes as firms are triggering their contingency plans just days before the UK's currently scheduled departure from the EU on March 29. Roughly 7,000 finance jobs are expected to move outside the UK, with Frankfurt, Paris and Dublin the most popular destinations, EY says.
Brexodus: Since the 2016 Brexit referendum, assets worth ￡900 billion, or $1.18 trillion, including swaps and derivatives, have been earmarked to be transferred by financial-services firms from London to the continent, according to New Financial, a U.K.-based think tank. Of that money, around $1 trillion or so has been moved by banks, which represents about 10% of the U.K.’s banking system.
Dave Stephen评论了
Don't lose too much sleep Canary Wharf! "index showed New York overtaking the UK's capital for the first time since 2015" The pro-Brussels crowd in the UK has screamed about the financial apocalypse since before the referendum in which UK voters narrowly decided to retake their sovereignty and leave the EU. "The City has been a key battleground in the Brexit debate, with warnings of an exodus of work and jobs to other EU capitals yet to be realised." Most firms have sought to minimize movements from London with a continental presence that meets the minimum requirements to operate, inside the EU. "London is the world's foremost financial centre," he says. "It will remain the world's foremost financial centre...it will still thrive...we are talking about a move of much less than ten percent [that's] sizeable for Frankfurt, it won't be felt much in London I guess." -- Hubertus V?th, Frankfurt Main Finance London has the infrastructure, capital, knowledge, transport links, and culture to retain most of its financial might post-BREXIT. Oh, and folks speak English there too. Given English is the international language of commerce, that is a major consideration. Few bankers in London speak German or French.
Operations-District-Area management
I was wondering how by moving out of London companies were expecting to find it easier dealing with the EU when there are so many rules in place to make it difficult to do business there unless your are in the club?