Companies migrate from finance capital London to European Union

With Britain’s departure from the European Union, immigration from London, the financial capital, has also begun. So far, it has been announced that more than 440 companies have moved assets worth more than US$ 1.2 trillion to EU countries.

On January 1, 2021, the process of Britain’s departure from the European Union (EU) (Brexit) was completed. London, one of the world’s financial capitals seems not to have benefitted from this process.

It was reported on media that over 440 financial companies have so far left London or decided to leave this city.

ESCAPE WORTH £ 900M SEEN SO FAR TO BE FOLLOWED BY MORE

The total value of bank assets moved from London to the EU is worth 900 million pounds ($1 trillion 243 million) according to a report published yesterday by London-based think tank new financial.

Leaving London, the bank and other financial companies also moved their staff, offices, legal entities and assets from the UK to EU member states.

In addition to bank assets, the 100 million pound ($138 million) fund, which is managed by insurance and asset management companies, will also leave London, it said.