City of London Brexit hit worse than expected, says study | MarketScreener
Over 400 financial firms in Britain have shifted activities, staff & a combined trillion pounds ($1.4 trillion) in assets to hubs in the EU due to Brexit, with more pain to come
marketscreener.com/quote/currency…
Over 400 financial firms in Britain have shifted activities, staff & a combined trillion pounds ($1.4 trillion) in assets to hubs in the EU due to Brexit, with more pain to come
marketscreener.com/quote/currency…
This is from a study from New Financial think tank.
"We think it is an underestimate and we expect the numbers to increase over time: we are only at the end of the beginning of Brexit”
I have to say it might not have been expected by some, but it certainly was by others
"We think it is an underestimate and we expect the numbers to increase over time: we are only at the end of the beginning of Brexit”
I have to say it might not have been expected by some, but it certainly was by others
Oh, the irony
Dublin has emerged as the biggest beneficiary with 135 relocations, followed by
Paris with 102,
Luxembourg 95,
Frankfurt 63, and
Amsterdam 48.
“This redistribution of activity across the EU has wound the clock back by about 20 years,” the study said.
Dublin has emerged as the biggest beneficiary with 135 relocations, followed by
Paris with 102,
Luxembourg 95,
Frankfurt 63, and
Amsterdam 48.
“This redistribution of activity across the EU has wound the clock back by about 20 years,” the study said.
Banks have moved or are moving over 900 billion pounds in assets from Britain to the EU, while insurers and asset managers have transferred over 100 billion pounds in assets and funds, reducing the UK tax base.
“We expect Frankfurt will be the ‘winner’ in terms of assets in the longer-term, and that Paris will ultimately be the biggest beneficiary in terms of jobs,” the study
There have been 130 more relocations than their 2019 suggested.
The Johnson + Frost team in action.
There have been 130 more relocations than their 2019 suggested.
The Johnson + Frost team in action.
It had been projected that maybe 1k new smaller offices might be opened in the U.K.
That has now been scaled back to 300-400.
#BrexittyBrilliance
That has now been scaled back to 300-400.
#BrexittyBrilliance
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