Over 7,500 UK financial service jobs have been moved to Europe ahead of the Brexit deadline, a new study reveals.
EY’s Brexit tracker found that in the final weeks of the last quarter over 400 UK finance job relocations had been announced.
Since the referendum four years ago, 44 firms operating in the UK have confirmed plans to make local hires for existing or newly created roles in Europe, equating to over 2,850 new jobs.
The survey also found that some of UK largest financial service firms (ten banks, nine insurance providers, and five wealth and asset managers) have publicly announced they are transferring assets averaging more than £1.2trn from the UK to the European Union.
However, the study suggests that this figure could be higher as “not all [firms] have declared a value”.
Omar Ali, financial services managing partner at EY, said: “As we approach the final deadline, the lack of clarity around future trading agreements is fuelling ongoing debate within the financial services sector.
“The time has now passed for financial firms to rely on short term equivalence assessments that would align to EU rules, and the sector’s attention is increasingly focused on the longer-term outlook.”
He added: “Firms are looking at new standards that will support the UK industry beyond the initial post-Brexit phase, ensuring it remains a leading global financial center.”