Brexit disrupts City finance
More than half of UK international finance firms will have to move staff or restructure their businesses because of Brexit, according to a Reuters survey. One quarter said the UK leaving the EU would have no impact, while the remainder said they did not know the effects, or were still considering how to respond to Brexit.
However, the findings suggest London will remain Europe’s largest financial centre in the short term at least. Fears that the City would lose many thousands of jobs have started to abate since the UK government began adopting a more conciliatory tone toward the financial sector, while there has also been some progress in talks with the EU.
That said, a small exodus is underway. Earlier this month, ratings agency DBRS announced it was shifting staff from London to Frankfurt, while UBS is merging its UK entity with its Frankfurt-based European HQ before the Brexit deadline of end-March 2019.
Image: Mayor of London