![]() ![]() Place, over time we expect there to be a drip-feed of business and activity from the UK to the EU. ‘Getting Brexit done’ is only the end of the beginning of the process: given the limited equivalence arrangements in The worse news is that this analysis is almost certainly a significant underestimate of the real picture: many firms will have slipped below our radar (particularly banks and asset managers that are already headquartered in the EU). We have identified more than £900bn in bank assets (roughly 10% of the entire UK banking system) that have been or are being moved. ![]() It makes for sobering reading: the bad news (from the UK’s perspective) is that we have identified more than 440 financial services firms in the UK that have responded to Brexit in some way by relocating part of their business, staff, or legal entities to the EU (a lot higher than our previous estimates). This report provides the most comprehensive picture yet of the impact of Brexit on the banking and finance industry in the UK and the emerging post-Brexit landscape of financial centres across the EU. Now that the UK has left the EU, Brexit means Brexit whether the City of London likes it or not. ![]() While politicians have been locked in a circular argument and rival financial centres in Europe have been jostling to win business from the UK, many firms in banking and finance have been quietly getting on with preparing for it. To request a copy of the report please click here and you can download the accompanying infographic here.įor nearly five years, Brexit has loomed over the City of London and the European financial services industry. New Financial is a social enterprise that relies on support from the industry to support its work. While this is higher than previous estimates, it underestimates the real picture – and the potential longer-term impact. ![]() More than 440 firms in banking and finance have moved or are moving part of their business, staff, assets or legal entities from the UK to the EU. This report highlights the damage that Brexit has already done to the City of London. ![]()
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