EY: Over 7,000 Finance Jobs Left London for EU – –

Brexit, EU & UK

Due to Brexit, over 7,000 finance jobs have moved from London to the European Union, down 400 from the total anticipated in December, according to consultants EY.

Despite the fact that the total is significantly below the 12,500 job moves predicted by firms in 2016 when the United Kingdom voted to leave the European Union, more could follow, according to the EU, as reported by Reuters.

In addition, according to EY, new local hires related to Brexit totalled 2,900 across Europe and 2,500 in the UK, where just over 1 million people are engaged in the financial services sector.

The Bank of England is scrutinising these to avoid banks in London being left with too few senior staff.

“Staff and operational moves across European financial markets will continue as firms navigate ongoing geopolitical uncertainty, post-pandemic dynamics, and regulatory requirements,” the EMEIA financial services leader at EY, Omar Ali, pointed out in this regard.

According to the EY, Dublin is the most sought-after destination for staff relocations and new hubs, followed by Luxembourg, Frankfurt, and Paris.

In addition, EY stressed that Paris scored the regarding attracting jobs from London, totalling 2,800 followed by Frankfurt at nearly 1,800 and Dublin with 1,200.

The transfer of assets from London to the EU remains nearly 1.3 trillion pounds, according to EY.

During the time that the UK was part of the EU, citizens from both territories enjoyed expected benefits; however, after the UK is officially out of the EU, citizens from both countries were subject to other rules. recently reported that more than two million citizens from European countries with pre-settled status under the EU Settlement Scheme (EUSS) risk becoming illegal migrants if they fail to file an application for a residency permit in the UK or their application isn’t recognised.

Such status, which is granted to citizens from EU countries who were already living in the UK before the free movement ended on December 21, 2020, is valid for a period of five years and after that, applying for residency is mandatory.

In this regard, the Electronic Immigration Network (EIN) stressed that these nationals are struggling to apply for their residency permit for several reasons.

“Over the past three years, the evidence has become clear that some people find it much harder to engage with the scheme, including such as victims of abuse, people with poor English skills, or those with health problems. Many of the same groups will struggle to secure permanent status, especially if there is less support available to them in the coming years,” Senior Researcher at the Migration Observatory, Marina Fernandez Reino, pointed out in this regard.

Among the top reasons are the inability to apply, difficulty proving eligibility, and becoming ineligible.

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