Bloomberg

Seven Charts Show How Brexit Has Already Changed the City of London

(Bloomberg) — A month after Britain voted to leave the European Union, Boris Johnson was asked whether he thought the finance industry would keep its rights to trade freely in the bloc. “I do, I do,” he told reporters. It was never that simple. Half a decade later, billions of dollars in assets and thousands of jobs have moved to the continent after the U.K. negotiated a bare-bones trade deal with the EU that largely sidelined finance, giving cities across the bloc the chance to lure firms in flux. While the two sides may be just about to ink an agreement to cooperate on financial regulation, neither expects the return of business as usual.European cities like Amsterdam, Dublin, Frankfurt and Paris have each captured some of the shifts so far, although none has emerged as the clear winner yet. Some of these changes, like share trading volumes, happened overnight. In other areas, like jobs, it is more of a slow drift as firms and individuals try to work out which city in the evolving post-Brexit landscape suits them best. “We will have Frankfurt, Amsterdam, Paris and Dublin all in the mix to take some part of the financial system,” Mairead McGuinness, the bloc’s commissioner for financial services told journalists
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