The UK officially left the European Union on January 1, 2021 after a last-minute trade deal was signed between the two sides. Several months of tense and often acrimonious negotiations followed. But following the historic Brexit referendum in June 2016, several predictions were made suggesting tens of thousands of financial services jobs could end up leaving the UK. There have been fears of a mass exodus of businesses from the City of London as the UK is now outside the EU and not privy to some of the financial services benefits it may have received.
However, new data from Ernst and Young’s (EY) Financial Services Brexit Tracker shows that the projected exodus of firms has not materialized – new forecasts for staff relocation have in fact been revised downwards.
The total number of Brexit-related relocations to Europe has now fallen to just under 7,400 – from 7,600 in December last year.
Daily Telegraph journalist Mutaz Ahmed believes the City of London has been given a significant boost by “threats” from the likes of the EU and French President Macron.
The newspaper published a video on YouTube entitled ‘Why the UK shouldn’t regret Brexit’.
Mr Ahmed says in the video: “Make no mistake, the City of London has always been innovative.
“But because of the threats from the EU – threats from Brussels, threats from Macron and attempts to take business away from the City of London, it’s really focused now on making itself the most competitive financial capital in the world.”
Since the Brexit referendum in June 2016, just over 5,000 new finance hires have been linked to Brexit, creating around 2,800 jobs on the continent and 2,200 in the UK.
Relocating and relocating offices or assets to Europe has remained “subdued” over the course of this year, according to the EY report.
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In addition, £32.4 billion was raised from listed companies making further share offerings.
With these figures, London is ahead of the competing stock exchanges and has raised more money than the Amsterdam and Paris stock exchanges combined.
The group said in a statement the results “confirm the UK’s position as a leading global financial center and the engine of Britain’s domestic economy – providing capital for the fast-growing businesses of today and tomorrow, as well as for existing businesses”.
Nile Gardiner, a foreign policy analyst and former adviser to the late Margaret Thatcher, claimed the City of London’s success in its first full year after Brexit is for all to see.
He told Express.co.uk: “It is very clear that the City of London is booming post-Brexit. There has been no migration of jobs, on the contrary.
“There is an increased level of investment in the city and in the UK as a whole.
“Foreign companies from Japan to the US are building new headquarters and new factories in Britain.
“Britain will do infinitely better as a free, sovereign nation, not bound by mountains of EU regulation and bureaucracy.”
