Brexit

43% of UK financial services firms set to move post-Brexit

Both Dublin and Luxembourg continue to be the most popular destinations for office and staff relocations, as well as new European hubs

Around 43% of financial services firms in the UK, 95 out of 222, have moved or plan to move their operations or staff to Europe, according to EY’s Brexit Tracker.

This would take the total amount of Brexit-related job moves to almost 7,600, a rise from 7,500 reported in October.

Both Dublin and Luxembourg continue to be the most popular destinations for office and staff relocations, as well as new European hubs.

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A quarter of firms (25%) have publicly articulated the negative financial impact resulting from the UK’s exit from the European Union.

Since the referendum on 23 June 2016, 24 firms have declared they will transfer almost £1.3trn of assets to the EU.

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Omar Ali, EMEIA financial services managing partner for Client Services at EY, said: “Financial services firms across Europe have a number of chapters still to write before they can close the book on Brexit. 

“After the major hurdle of standing 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.”

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