Financial firms have switched more than 7,500 jobs to European locations outside the United Kingdom because ofWith Britain's European Union-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.EY’s Financial Services Brexit Tracker also estimated that assets worth a combined £1.2 trillion 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 1st 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."