City Firms Made Plans in Brexit Run-up to Move Assets Worth £100 Billion to EU

Written by Mark — March 2, 2021

This takes the total value of assets lost to the bloc since the Brexit vote to £1.3 trillion

City firms revealed in the final months of 2020 that they planned to shift nearly £100bn in assets to the EU, taking the total value of assets lost by leaving the EU to £1.3 trillion, according to a new survey.

The data from consulting group #EY pointed to a last-minute push by firms before 31 December after the UK-EU trade deal did not offer concessions for the UK’s dominant #financial services sector. It forced companies to move staff and assets to the continent in order to continue serving EU customers.

London was dealt a blow last month after separate data showed #Amsterdam had overtaken the UK capital as Europe’s largest share trading centre.

Full story at The Guardian

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