City firms are likely to revive plans to shift staff to the EU once Covid-related travel restrictions ease next year, a financial sector report has said, as the number contemplating such moves continues to rise.
Of the 222 largest UK financial services firms monitored by accountancy firm EY since the 2016 referendum, 97 of them (44%) have confirmed they are relocating staff or operations to the continent, or are considering it – up from 41% in January 2020.
While announcements regarding Brexit-related relocations have slowed in recent years, EY suggested further moves had probably been delayed, rather than reversed, over the past year because of Covid lockdowns and concessions on home working.
“It’s been nearly a year since the UK officially left the European Union, but the financial sector is still working through the hangover of Brexit,” said Omar Ali of EY. “While the majority of operational moves were made well ahead of the 2020 Brexit deadline – and before the pandemic – travel restrictions over the last two years have challenged the practicalities of…
