Brexit information: ‘Manipulated’ financial institution report fails to cover London’s dominance, says assume tank | Metropolis & Financial system | finance


And Facts4EU has suggested that the study released by the European Banking Authority does not provide conclusive evidence that the bankers who left the square mile for the continent did so because of Brexit in any case. The EBA’s report, released earlier this week, suggests that the number of bankers earning more than €1m a year, including bonuses and pensions, has fallen by 95 over the past year.

In his report, Facts4EU spokesman David Evans comments: “The Paris-based EU banking regulator is struggling to find good news for the EU.

“Europe’s top bankers have continued to shun the EU’s anti-Brexit measures, preferring to remain in the City of London and the rest of the UK, the latest official EU report shows.”

The UK remains “completely dominant” when it comes to the locations of Europe’s top bankers, Mr Evans suggested – a fact underscored by the figures from the EBA.

He explained: “Readers are aware of this Facts4EU.Org always aims to present key information in simple “at a glance” diagrams like the one we created above.

“Very often (as in this case) we are forced to laboriously enter numbers into spreadsheets manually because the data is not in tabular form.”

Mr Evans contrasted an official table published by the EBA with one created by Facts4EU itself.

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“In its latest report – the last to include the UK – the EBA struggled to find evidence of the ‘brain drain’ predicted by the Project Fear campaign and warned of massive job losses in the City of London and other major UK corporate financial centres.”

The report’s summary statement said Brexit had “affected the distribution of high earners across the EU”, with some of them “moving from the UK to the EU”.

However, Mr Evans said: “Having read the full report, the UK numbers have only fallen by 95 and the EBA presents no evidence that this very low number was caused by Brexit. Even that small number (which would have meant a dramatic drop for any EU country) still left the UK in a totally dominant position.”

Referring to Remainers’ ominous predictions about the impact of Brexit on the city, Mr Evans added: “As with all Project Fear threats, this one turned out to be yet another false one and the biblical exodus has not materialised.

“It is important to note that the UK has granted ‘equivalence’ to EU financial firms, allowing them to operate freely post-Brexit. Conversely, the EU has never returned the favor.

“When it came to the UK-EU Trade and Cooperation Agreement, the EU flatly refused to include financial services. Yet the city continues to thrive – and face the various challenges in its usual way – despite the EU’s best efforts.”

On the subject of the EBA itself, Mr Evans said: “It is not surprising that the European Banking Authority is headed by a Frenchman, François-Louis Michaud.

“Monsieur Michaud is Executive Director and Deputy Director General of the European Central Bank.

“Facts4EU.Org sees no legitimate reason why a logarithmic scale should suddenly have been used to suppress the clear fact of the UK’s dominance in the top banking positions in Europe.

“The only reason we could think of was to distort the true picture of the continued success of UK banking – ‘despite Brexit’.” has reached out to the EBA for comment.