April 18, 2021

Brexit Led Over 440 Finance Firms to Shift Some Business to EU

London’s future as a financial center has been in the spotlight after Brexit came into…

Photographer: Simon Dawson/Bloomberg

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The U.K.’s departure from the European Union pushed more than 440 financial firms to move at least some of their operations, staff, assets or legal entities from Britain to the bloc.

That includes 126 asset management firms, 81 banks and 65 insurers, according to a report published Friday by New Financial, a London-based think tank.

Sector Shifts

More than 440 finance firms have shifted business from the U.K. on Brexit

Source: New Financial, April 2021

The moves have so far resulted in about 7,400 job relocations and about 900 billion pounds ($1.2 trillion) of assets have also shifted, roughly matching earlier estimates from consultancy EY.

London’s future as a financial center has been in the spotlight after Brexit came into effect at the start of the year. Trading in European shares quickly moved away from the British capital while hopes for unhindered access to EU markets — via a process known as equivalence — have long gone.