The number of jobs in the financial sector that will leave Britain after Brexit has fallen by half compared to the latest six months. According to the latest data, 5000 jobs will be moved from the UK or created outside the country. At the same time, Paris became the most popular city to establish financial positions, shifting the German economic center Frankfurt.
The estimates are improving as some banks have lowered the expected number of jobs to move outside of the UK if the country loses access to the European Union’s single market.
Deutsche Bank, which initially planned to move up to 4,000 positions from London, has shrunk them to less than 200. The same figure was also reported by UBS with earlier expectations of up to 1,500 jobs. Goldman Sachs, in turn, plans to move 500 people compared to the previous estimates for 1,000.
London is expected to continue to be Europe’s largest financial center, at least in the short term. The idea of transferring staff from London was exaggerated, as the city would retain most of the benefits that made it a major financial center.
The September survey found that 10,000 jobs would be relocated or created outside the UK for Brexit until the official exit from the country on March 29, 2019. The data was later confirmed by the British Central Bank.
The future of London as a European financial center remains one of the key issues in the Brexit talks, as it is the largest export sector in the country and the largest source of tax revenue.