The United Kingdom officially left the European Union on January 1, 2021 after a final trade agreement signed between the two parties. It follows several months of tense and often bitter negotiations. But, following the historic Brexit referendum in June 2016, several predictions had been made suggesting that tens of thousands of jobs in financial services could eventually leave Britain. There had been fears of a mass exodus of business from the City of London due to the UK now being outside the EU and no longer aware of some of the benefits of the services. financial he could have received.
But new data from Ernst and Young (EY) Financial Services Brexit Tracker shows that the expected business exodus has not materialized – with new staff relocation forecasts actually being revised downward.
The total number of Brexit-related job offshoring to Europe has now fallen to just under 7,400, down from 7,600 in December last year.
Daily Telegraph reporter Mutaz Ahmed believes the City of London has received a lot of momentum because of “threats” from figures like the EU and French President Macron.
The newspaper posted a video on YouTube titled ‘Why Britain Shouldn’t Regret Brexit’.
Mr Ahmed says in the video: “Make no mistake, the City of London has always been innovative.
“But it’s because of threats from the EU – threats from Brussels, threats from Macron and attempts to hijack the City of London’s business that it is now really focused on creating the most competitive financial capital in the world. world.”
Since the Brexit referendum in June 2016, just over 5,000 new finance hires have been linked to Brexit with around 2,800 jobs created on the continent and 2,200 in the UK.
Offshoring and the movement of offices or assets to Europe has remained “muted” throughout this year, according to the EY report.
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In addition, £ 32.4 billion was raised by listed companies offering new share offerings.
These figures put London ahead of rival stock exchanges, raising more than the Amsterdam and Paris stock exchanges combined.
The group said in a statement that the results confirmed “the UK’s position as one of the world’s major financial centers and an engine of the UK national economy – providing capital to today’s fast-growing companies and tomorrow, as well as to existing businesses “.
Nile Gardiner, foreign policy analyst and former aide to the late Margaret Thatcher, has said the success the City of London is enjoying in the first full year after Brexit is evident to all.
He told Express.co.uk: “It is very clear that the City of London is booming after Brexit. There was no job exodus, quite the contrary.
“There are increased levels of investment in the city and in the UK as a whole.
“Foreign companies from Japan to the United States are setting up new headquarters and factories in the United Kingdom.
“Britain will be infinitely better off as a free sovereign nation that is not bound by mountains of EU regulations and bureaucracy. “