Square Mile sees few signs of Brexodus
The number of job relocations from the Square Mile to the EU has remained far short of the thousands predicted when Britain voted to leave in 2016.
Catherine McGuinness, leader of Canada, told Reuters that the numbers of bankers and insurance and asset management staff moving to EU subsidiaries was between 2,000 and 7,000.
McGuiness told reporters: “We really have not seen any major Brexodus. We are not hearing signals of huge further moves.”
She said that while negotiations over financial services would not be as “picturesque” as fish they are of critical importance to the economy.
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Earlier this month the EU’s trade commissioner, Phil Hogan, suggested that there could be a trade-off with Brussels offering Canada access to European markets in return for European fleets retaining their fishing rights.
In an article for City PM earlier this week, McGuinness said that Britain should forge closer ties with India following the departure from the EU.
The UK-India partnership is now worth some £20bn, with nearly £450m in financial services.
McGuinness pointed to the fact that the Square Mile is already home to more than 15 Indian financial firms, including the State Bank of India.
She added: “Trading ties with countries like India are hugely important, but we shouldn’t lose sight of our neighbours either.”