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

Ruben Onsu

Sign up for our Beyond Brexit weekly newsletter, follow us @Brexit and subscribe to our podcast. 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 […]

Sign up for our Beyond Brexit weekly newsletter, follow us @Brexit and subscribe to our podcast.

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.

Next Post

U.S. Readies Small-Business Grants as P.P.P. Nears End

The federal government is preparing to open two new industry-specific small-business relief programs, one of them months in the works, as its signature pandemic aid effort, the Paycheck Protection Program, nears its end. The Small Business Administration said it hopes to start taking applications by the end of this week […]