More than 7,500 finance jobs have been relocated from the UK to Europe to date because of Brexit and since the 2016 exit referendum, EY said in a study released Thursday.
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EY also points out that 24 financial firms have declared that they will transfer assets from the United Kingdom to the European Union, without publishing the value, but the consulting firm estimates their amount at "
more than 1.2 trillion pounds
" .
“With
three months to the end of the
post-Brexit
transition period
”, and while uncertainty hangs over a possible trade deal between London and Brussels, “
financial services companies are finishing their preparations and continuing to relocate staff and activities in Europe
”, comments EY.
In addition, "
since the referendum, 44 companies have announced plans to hire locally or create new roles in Europe, which represents more than 2,850 jobs,
" said EY, with some 400 hires since the start of the year in Dublin, mainly in Luxembourg, Frankfurt and Paris.
Read also: United Kingdom: 600,000 jobs lost in May
UK-based banks, mostly in London, have applied for licenses in continental Europe to continue serving customers on both sides of the Channel.
At the start of 2020, Luxembourg claimed some sixty business relocations on its territory.
The KPMG cabinet estimated them at the same period at 65 for the Duchy, against 64 for Ireland, and 30 in the Netherlands and France each.