Brexit has had a significant effect on London’s financial sector, with the City of London losing around 40,000 jobs, according to Lord Mayor Michael Mainelli.
This is much higher than previous estimates of 7,000. Cities like Dublin, Milan, Paris, and Amsterdam benefited as roles migrated from London after the 2016 Brexit vote.
Despite these losses, the City of London has rebounded, growing to 615,000 workers, with expansion in sectors like insurance and data analysis.
Mainelli, a vocal critic of Brexit, noted that 70% of the City voted to remain in the EU and emphasized the need to strengthen ties with Europe, making nine trips to European countries this year.
Brexit has led to broader economic consequences, including a slowdown in the UK’s economy and a drop in financial services output by 1% since 2019, while France, Germany, and Ireland have seen growth.
The UK’s financial services exports have also been overtaken by other business services like law and advertising.
Britain’s new prime minister, Keir Starmer, aims to rebuild EU relations by addressing business barriers but has ruled out rejoining the EU’s single market. Meanwhile, the country faces a decline in its financial sector and economic output, reflecting the deeper challenges posed by Brexit.
