In a report by Ernst & Young LLP, UK Financial Services Firms are moving jobs from the UK to tax havens such as Luxembourg and Dublin.
According to EY Financial Services‘ latest data, 43% of Financial Services Firms have publicly stated they have moved or plan to move some UK operations and/or staff from the UK to Europe.
Omar Ali, a financial services manager for EY, suggests that these firms may want to look before they leap: “Financial Services Firms across Europe have a number of chapters to write before they can close the book on Brexit. Omar continued, “After the major hurdles of standing up new EU hubs, it looks like the days of significant swathes of asset and job relocation announcements appear to have passed“.
Only 24 Financial Services Firms have publicly declared they will transfer operations to the EU since the UK left the EU. 43% have suggested they plan to move some UK operations and/or staff to Europe. The latest figures for jobs show 7,600 Brexit-related job moves, a minor increase of 100 on the previous month.
For those lucky enough to be offered a relocation package, Dublin or Luxembourg top the list.