The financial sector is fleeing the UK

 

The financial sector is fleeing the UK.

According to New Financial's report, since the EU referendum of banks, asset management and insurance companies in the UK, it has brought about £ 900 billion worth of assets from the UK to EU countries.

According to the London-based think tank New Financial's report, the UK banks have moved the EU from around 800 billion pounds to the EU since the EU referendum, which resulted in the UK's departure from the EU (Brexit).

As for the asset management companies in the UK, it has been reported that Brexit has so far moved £ 65 billion from the country and the insurance companies have a £ 35 billion worth of assets to EU countries.

It has been reported by the think-tank's report that some 275 companies in the UK have taken part of their operations out of the UK due to Brexit.
Companies from the United Kingdom to the alternative cities in the EU, most of Ireland's capital, Dublin, said that preferred.

In the report, it was reported that up to this time, one hundred companies from the UK moved their operations to Dublin, 60 companies to Luxembourg, 41 companies to Paris, 40 companies to Frankfurt, 32 companies to Amsterdam.

It was emphasized that the companies in the UK are expected to move about 5,000 employees to their subsidiaries in EU countries in the future.

"The businesses will continue to shift towards the EU in London. The activities of the companies will mostly be carried out through their local subsidiaries in the EU," said William Wright, Director of New Financial. used expressions.

Lastly, Barclays, one of the leading banks in the UK, took action to move the 160 billion pounds of assets of its customers out of the country.

The bank applied to the British High Court to transfer the amount to the bank's affiliate in Dublin.

According to Bloomberg International, its sources are based on Deutsche Bank's 400 billion euros, JP Morgan's 200 billion euros, Goldman Sachs 60 billion euros, Citigroup's 50 billion euros, and Morgan Stanley worth 40 billion euros in London. from Frankfurt to Frankfurt.
The financial sector in the UK accounts for about 12 percent of the country's economy. About 700,000 of the 2.2 million financial sector employees are in London. According to data from the House of Commons, the annual contribution of the UK's financial and insurance services to the national economy is around £ 126.9 billion.