Germany, France and Italy could be a new home from London for more millionaires as Britain exits the European Union, according to data released Wednesday by the European Banking Commission.
Newspaper Banking regulation in the EU revealed a shift in the most profitable banks, with those earning more than a million euros a year, generally moving to the EU in 2019, before leaving the UK.
“The increase in the number of high-income earners is largely due to the relocation of staff from the UK to EU27 as part of Brexit’s preparations,” the EU said in a statement.
He explained that the United Kingdom lost 95 million in 2019, while Germany gained 42 million, France 36 and Italy 35. However, 71 per cent of profitable European bankers were in the UK with about 5,000 people.
On the other hand, the US Bloomberg Network said that London was still an important financial center after Brexit, with an analysis by the New Financial Research Center finding five times more international financial activity in the United Kingdom than in France. Or Germany.
“This report shows that you need to move a large-scale operation from the UK before France, Germany or any other EU financial center can significantly fill that gap,” the company’s managing director William Wright said in an email. Although 10% of all international operations in the UK are relocated, the country “still has a long way to go,” Wright said.
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