The latest survey by EU’s Brexit Tracker has found that over 7,500 jobs have been relocated to Europe ahead of the UK leaving the European Union on 31st December. Over £1 trillion in assets has already been moved. This is in addition to over 2,800 new roles within Europe which have been created by firms since the UK voted to leave the EU in 2016.
As we enter the final quarter of 2020, it is expected that City firms will speed up any outstanding relocation plans. Omar Ali, UK Financial Services Managing Partner at EY says “the clock is running down and with the possibility of a second Covid spike threatening cross-border movement in the final three months of the transition period, firms must ensure that as a minimum they will be operational and can serve clients on 1st January 2021.”
The figures of jobs relocating is still a fraction of the overall value of the UK financial sector, although it has been warned that a flurry of announcements detailing further moves could still be made. Dublin remains the most popular location for companies setting up new hubs, with Frankfurt, Luxembourg and Paris also regularly featuring in choices made by companies relocating.