According to the study, Brexit hit the City of London more than expected

Brexit hit the City of London more than expected. "We think the numbers are even undervalued and we expect them to increase over time. We are only at the end of the beginning of Brexit, "the study says. According to the study, up to 7,400 jobs have been relocated from Britain or created in new centers in the European Union. However, the relocation of some staff was postponed due to travel restrictions in response to the covid-19 pandemic, Reuters reported, citing information from bankers. According to the study, a total of 440 relocations took place, which is more than expected and well above the estimate from the New Financial survey conducted in 2019, which counted on 269 relocations. According to New Financial, the real number may be even higher, exceeding 500. Dublin benefited the most from changes in the company's operations, followed by Paris, Luxembourg, Frankfurt am Main and Amsterdam. Banks have moved or are moving more than £ 900 billion worth of assets from Britain to the EU. Insurance companies and asset managers more than £ 100 billion. New Financial expects that in the long run, most assets will move to Frankfurt, while Paris will benefit the most from job transfers. Amsterdam then surpassed London and has been the largest stock trading center in Europe since January. The study also predicts that 300 to 500 smaller EU financial firms could open a permanent office in Britain. However, previous forecasts have estimated that up to 1,000 companies can open an office. Direct access to the financial services market has not been included in the trade agreement between Britain and the EU since January. And according to the study, this situation is unlikely to change. The City of London's financial center will remain the dominant financial center in Europe for the foreseeable future. However, its impact will diminish, which, according to the study, could reduce Britain's annual surplus in trade in services with the EU by £ 26 billion.