$1.32 trillion to leave London ahead of Brexit: EY

Asset managers, banks, and insurers in London are expanding their European operations or opening new offices there to avoid a disruption from Britain’s potentially chaotic departure from the European Union.

On Wednesday, in a significant development, Earnest and Young (EY) stated, assets worth around $1.32 trillion are moving out from London to European Union hubs ahead of Brexit.It expects nearly 7,000 jobs to shift to hubs in the EU from London.

Asset managers, banks, and insurers in London are expanding their European operations or opening new offices there to avoid a disruption from Britain’s potentially chaotic departure from the European Union.

Although Britain is scheduled to leave the EU on March 29, the British government is pushing Brussels for a delay in departure.

In its latest Brexit Tracker, EY said that 23 companies have announced the transfer of about a trillion pounds in assets, up from 800 billion pounds in the last quarter.

Dublin continues to be the most popular destination for relocations, with 28 companies saying they have plans to set up operations there; Paris, Frankfurt, and Luxembourg are also very close with 18 to 21 firms stating they could open shop there as well.

“As 29 March draws nearer, companies are reconfirming or revising the statements they have made about the extent of staff and operational changes they are making, but we are not seeing many last-minute surprises – firms are executing their plans as expected,” said EY in a statement.

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