BREXIT SPARKS £1 TRILLION UK ASSETS SWITCH TO EU: STUDY


18/04/2021




Aslıhan DOĞRU -TDO- More than 440 firms in the United Kingdom have transferred 1.2 trillion euros worth of assets to European Union (EU) countries in response to Brexit.

Firms operating in the UK's banking and financial sector have moved some of their business out of the country, changed staff, or set up new EU institutions after Brexit, according to research by think tank New Financial.

The total value of bank assets moving from the country to the EU was announced as £900m.

For insurers, it was announced as £100 billion.

"While this is the most comprehensive analysis yet of the impact of Brexit, we think this is an incomplete prediction: we are just at the beginning of Brexit," the report, published four months after Britain leaves the EU, said.

Companies leaving the country chose to move their assets to Dublin, Paris, Luxembourg, and Frankfurt.

The report also said that while Frankfurt is predicted to be the most profitable city in the long term, the UK will continue to be a financial centre.


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