Our Magazine
Brussels Morning Online Newspaper
Tuesday, April 20, 2021
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Online Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Online Newspaper
No Result
View All Result
Home Europe

Shift of financial firms from UK to EU slows down

Nikola Kiš by Nikola Kiš
2 March 2021
in Europe
Shift of financial firms from UK to EU slows down
Share on FacebookShare on Twitter

Brussels (Brussels Morning) The migration of financial firms from Britain to the EU slowed down once the UK completed its withdrawal from the bloc, according to the Ernst & Young (EY) consultancy, Reuters reports. 

Since financial services did not feature in the EU-UK trade agreement that came into effect at the start of the year, the City of London was largely cut off from the bloc.

As a result, financial firms based in the UK opened offices in the EU, with EY stressing that Dublin and Luxembourg have been the most popular destinations.

Omar Ali, a managing partner at EY, noted “after the major hurdle of starting up new EU hubs, the days of significant swathes of asset and job relocation announcements appear to have passed and will likely be replaced by the slower yet ongoing movement of people and assets to Europe for compliance purposes”.

According to EY’s latest Brexit Tracker, job moves have totalled almost 7,600, up approximately 100 compared to October. At the same time, the number of new hires in the EU since the UK 2016 referendum remained at roughly 2,850 new jobs.

Small shift

This shift accounts for a small fraction of UK’s financial services jobs and is significantly smaller than initially expected.

EY pointed out that there was an incremental increase in asset relocation, which reached close to GBP 1.3 trillion, up from about 1.2 trillion in October.

Ali noted that Europe will not benefit from the splitting of the markets, whereas Asia and the US will.According to public statements by 222 of the largest financial firms in the period between June 2016 and end February 2021, 57 (approximately 25%) indicate Brexit already has or will have a negative effect on them in the future. This is up compared to the 49 recorded in January last year.

Subscribe to Our Newsletter

Tags: financial firms
Nikola Kiš

Nikola Kiš

Nikola is Brussels Morning political affairs reporter, covering Germany, France, and Italy. Based in Zagreb, he is a translator with 18 years of experience reporting on political and business affairs.

Latest post

EU expands sanctions against Myanmar junta

EU expands sanctions against Myanmar junta

20 mins ago
EU discusses response to escalating tensions in Ukraine

EU discusses response to escalating tensions in Ukraine

2 hours ago

Most Read

  • A very Georgian provokatsiya

    A very Georgian provokatsiya

    0 shares
    Share 0 Tweet 0
  • EC to investigate €1bn worth of missing lumber in Croatian forests

    0 shares
    Share 0 Tweet 0
  • Salmond’s strategic masterstroke

    0 shares
    Share 0 Tweet 0
  • The explorer of non-places: interview with one of the world’s most intrepid travellers

    0 shares
    Share 0 Tweet 0
  • Seeking climate consensus amidst Sino-American rivalry

    0 shares
    Share 0 Tweet 0

Subscribe
Facebook Twitter Youtube LinkedIn

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

Category

  • Ambassador’s Corner
  • Commission
  • Council
  • Culture and Society
  • Diplomacy
  • Economy
  • EU Institutions
  • Europe
  • Europe With Transparency
  • Features
  • In Depth
  • Member States
  • Middle East Eye
  • Opinion
  • Our pick
  • Parliament
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Uncategorised
  • US Elections
  • World

More info

  • About Us
  • Advertising
  • Cookies Policy
  • Contact Us
  • FAQ
  • Jobs

Brussels Morning Newspaper - All Rights Reserved © 2020

No Result
View All Result
  • Home
  • About Us
  • EU Institutions
    • Parliament
    • Commission
    • Council
  • Europe
  • World
  • Member States
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Sustainable Perspective
    • The American Angle
    • Southeast Europe
  • Magazine

Brussels Morning Newspaper - All Rights Reserved © 2020

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT