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Brexit is causing 7,000 jobs to move out of London

Tom Belger
Finance and policy reporter

London jobs could be hit by Brexit. Photo: Richard Gray/EMPICS Entertainmen/EMPICS Entertainment

More than 7,000 jobs are reported to have moved out of London as top firms open European hubs to avoid the damaging effects of Brexit.

Leading consultancy EY has warned that assets worth around £1tn ($1.3tn) are being moved out of the UK capital to new sites elsewhere in the EU ahead of Britain’s planned departure on 29 March.

Major sectors preparing for disruption by shifting their operations include banks, insurers and asset managers, according to Reuters.

The latest analysis from EY shows 23 firms have already announced plans to move assets worth approximately £1tn, up from £800bn in the previous quarter.

READ MORE: Pound dips as May asks Brussels for short extension 

Dozens of firms plan to set up new operations or expand existing ones in other financial centres, with Dublin the most popular choice for companies analysed.

EY said 28 companies planned moves to the Irish capital, while Frankfurt, Luxembourg and Paris also looked set to receive around 20 major companies.

EY said in a statement: “As 29 March draws nearer, companies are reconfirming or revising the statements they have made about the extent of staff and operational changes they are making, but we are not seeing many last-minute surprises – firms are executing their plans as expected.”

Huge uncertainty remains over the UK’s plans to exit the EU in just over a week’s time, with Brexit still the legal default on 29 March despite prime minister Theresa May’s request for an extension today.