Brexit pain for UK financial hub is just beginning: Study

About 7,400 jobs and $1.4 trillion in assets have moved or could move to the EU from London, a New Financial study finds.

More than 400 financial firms in the United Kingdom have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, according to a new study by the New Financial think-tank. “We think it is an underestimate and we expect the numbers to increase over time: we are only at the end of the beginning of Brexit,” the study published on Friday said. The EU has offered the United Kingdom little in the way of direct market access for financial services, which were not included in the bloc’s trade deal with the UK that came into effect in January.