Brexit 'disaster' cost 40,000 finance jobs, says City of London chief

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Brexit was expected to cut immigration, reduce EU regulations, and boost the economy, but immigration rose, regulations remained, and the economy slowed.

Economic output in the heart of Britain's financial sector, including banks and wealth funds, has fallen by more than 15 percent since late 2019, just before the UK formally left the EU. / Photo: Reuters

"Brexit was a disaster," said Mainelli, the ceremonial head of London's City financial centre, which stretches over a square mile including the Bank of England, international banks and insurers."We had 525,000 workers in 2016. My estimate is that we lost just short of 40,000." Nonetheless, his estimate underscores the scale of the fallout, as Britain seeks to rebuild bridges to continental Europe.

Keir Starmer, Britain's new prime minister, has sought to rebuild relations with continental Europe, damaged by years of fractious Brexit negotiations. Long the jewel in the British industrial crown, the country's financial sector has also been in decline.

 

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