People sit outside a restaurant in Dublin on September 18, 2020. The city has become the destination of choice for financial firms leaving London. Photo: AF{/Paul Faith

Financial firms have switched more than 7,500 jobs to European locations outside the UK because of Brexit, a survey revealed Thursday.

With Britain’s EU-exit transition period nearing an end, the pace of relocations has slowed, hampered in part by the coronavirus, added the survey by financial services group EY.

It added that Dublin is the most popular destination for staff relocations, followed by Luxembourg.

EY’s Financial Services Brexit Tracker also estimated that assets worth a combined £1.2 trillion (US$1.52 trillion, 1.3 trillion euros) could be transferred.

“Many financial services firms had implemented the bulk of their relocation plans before the start of the year, and we saw very little movement in the first half of 2020,” said Omar Ali, UK financial services managing partner at EY. 

“But as we fast approach the end of the transition period, we are seeing some firms act on the final phases of their Brexit planning, including relocations. 

“This is despite the pandemic and consequent restrictions to the movement of people, which is clearly making it harder to relocate people and adds complexity for those who were looking to commute to EU locations,” he added.

Ali said “firms are looking at new standards that will support the UK industry beyond the initial post-Brexit phase, ensuring it remains a leading global financial center.”

AFP

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.