City of London Brexit hit worse than expected, says study

City of London Brexit hit worse than expected, says study

LONDON - Over 400 financial firms in Britain 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, a study from New Financial think tank said on Friday."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 said.The EU has offered Britain little in the way of direct market access for financial services, which were not included in the bloc's trade deal with the United Kingdom from January."That access is unlikely to be forthcoming, so it is perhaps better for the industry to take the damage from Brexit on the chin and focus instead on recalibrating the framework in the UK so that it is more tailored to the unique nature of the UK financial services industry," the study said.Some 7,400 jobs have moved from Britain or been created at new hubs in the EU, the study said. Bankers have told Reuters that some staff moves have been delayed due to COVID-19 travel restrictions.The total of 440 relocations is higher than anticipated and well above