City of London Brexit hit worse than expected, says study

From reuters.com

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 ... (full story)