Brexit fallout: City of London loses 40,000 jobs
- The lord mayor of the City of London estimates that Brexit has led to a loss of almost 40,000 jobs.
- Financial firms have begun relocating to cities like Paris, Amsterdam, and Madrid to retain access to EU customers.
- The situation raises concerns about the future competitiveness of London's financial services sector.
The UK's decision to exit the European Union has had significant repercussions for its financial sector, particularly in the City of London. According to Michael Mainelli, the lord mayor of the City, nearly 40,000 jobs have been lost as a direct result of Brexit. This estimate highlights the ongoing concerns regarding the impact of the 2016 EU referendum on the financial services industry. Following the referendum, many financial firms began relocating jobs to other European cities like Paris, Amsterdam, and Madrid to ensure continued access to the EU market. The loss of jobs has sparked a heated debate about the long-term viability of London as a financial hub in the post-Brexit landscape. As the City grapples with these challenges, the future of its financial services sector remains uncertain, raising questions about its ability to compete with other major financial centers in Europe.