LONDON – The number of finance jobs moving from the UK to the EU due to Brexit is initially lower than expected, while stock trading moves into the bloc of billions of euros and London has lost much of its access to EU capital markets, Advisor EY said on Monday. ,
After Britain voted to leave the European Union in 2016, analysts such as Oliver Wyman estimated that 35,000 financial services jobs or more would leave the UK.
Britain left the European Union entirely last December, cutting off access to the City of London’s biggest single export customer.
“However, in the past year, many of the largest UK-based investment banks have revised the number of employees who will be transferred to the EU, reducing the current number of Brexit-related job announcements to just under 7,400, Below 7,600 in December 2020,” EY said in its latest Brexit tracker.
This is a fraction of the 1.1 million people working in finance.
There are about 2,800 new workers in the EU due to Brexit, which avoids the need to relocate some employees from London, 2,200 finance jobs have also been created, EY said.
But EU regulators are keeping pressure on financial firms to meet headcount and operating moves to the EU, which have been delayed by the pandemic, EY said.
The European Central Bank wants to avoid ending up with centers operating out of London.
EY said Dublin and Luxembourg remain the most popular post-Brexit destinations for new EU hubs, although Paris has received the most employee transfers.
1.3 trillion pounds of assets have been transferred to hubs across the channel.
“For many financial services firms, we are still far from being fully ‘post-Brexit’,” said Omar Ali, EMEIA’s financial services leader at EY.
Brussels has yet to sign off on a new discussion forum for financial regulators, which it agreed in principle last December, seen by the industry as a key to rebuilding cross-channel trust, although some on clearing the euro Progress has been made.
Miles Selick, chief executive of The CityUK, which promotes Britain’s financial hub abroad, said it is time to focus on long-term competitive factors.
Britain has begun to change UK rules to make London more attractive to international investors and better compete with EU hubs such as Amsterdam, which in January overtook the UK capital as Europe’s largest stock exchange. became a trade center.
($1 = 0.7524 pounds)
by hoo jones