FINANCIAL SERVICES SHIFT £1 TRILLION IN ASSETS TO EU
UK banks and insurers have shifted thousands of jobs and over £1 trillion in combined assets out of the UK and into European Union hubs due to the impact of Brexit, a new study has confirmed.
According to research from think tank New Financial, more than 440 firms in the UK banking and financial services sector have relocate parts of their business, moved staff or established new EU entities in response to Brexit.
Roughly £900 billion of the relocated assets were moved by banks – equivalent to about 10% of the total assets held by the UK banking system. Insurance firms and asset managers shifted a further £100 billion.