EY: Over 7,000 finance jobs left London for EU
Due to Brexit, more than 7,000 finance jobs have moved from London to the European Union, 400 less than the total expected in December, according to consultants EY.
Despite the total being significantly lower than the 12,500 job changes expected by companies in 2016 when the UK voted to leave the European Union, more could follow, according to the EU , as reported by Reuters.
Additionally, according to EY, Brexit-related new local hires totaled 2,900 in Europe and 2,500 in the UK, where just over a million people are engaged in the financial services sector.
The Bank of England is reviewing them to prevent London banks from ending up with too few senior managers.
“The movement of personnel and operations in European financial markets will continue as companies navigate the current geopolitical uncertainty, post-pandemic dynamics and regulatory requirements,” EMEIA Financial Services Manager at EY, Omar Ali, pointed out in this regard.
According to the EY, Dublin is the most popular destination for staff relocations and new hubs, followed by Luxembourg, Frankfurt and Paris.
Additionally, EY pointed out that Paris scored the highest number of jobs attracting London, with a total of 2,800, followed by Frankfurt with almost 1,800 and Dublin with 1,200.
The transfer of assets from London to the EU remains at nearly £1.3 trillion, according to EY.
During the period when the UK was part of the EU, citizens of both territories enjoyed the expected benefits; however, after the UK officially left the EU, citizens of both countries were subject to other rules.
SchengenVisaInfo.com recently reported that more than two million citizens of European countries with pre-settled status under the EU Settlement Scheme (EUS) are at risk of becoming illegal migrants if they do not apply. residence permit in the UK or if their application is not recognised.
This status, which is granted to citizens of EU countries who were already living in the UK before the end of free movement on 21 December 2020, is valid for a period of five years and after that the application for residence is mandatory.
In this respect, the Electronic Immigration Network (EIN) underlined that these nationals struggle to apply for their residence permit for several reasons.
“Over the past three years, it has become apparent that some people have a much harder time engaging with the program, including victims of abuse, people with poor English skills or those with health issues. Many of the same groups will struggle to gain permanent status, especially if there is less support available to them in the years to come,” Principal researcher at the Migration Observatory, Marina Fernandez Reino, pointed out in this regard.
Some of the main reasons include inability to apply, difficulty in proving eligibility, and becoming ineligible.