Joerg Fliege

2024-10-16 10:26:34

"Brexit was a disaster," said Mainelli, the ceremonial head of London's City financial centre, which stretches over a square mile including the Bank of England, international banks and insurers. "We had 525,000 workers in 2016. My estimate is that we lost just short of 40,000."

So far.

Although some hoped that Brexit would give London the freedom to reduce immigration, ditch large amounts of EU regulation and bolster the economy, immigration rose, regulation proved hard to untangle and the economy slowed.

What a weird sentence. Regulations aren't "hard to untangle". Instead, nobody actually wants to ditch EU regulations. The regulations give you access to the EU market, and getting rid of them just incresaes uncertainty. Businesses hate that.

City of London chief says Brexit 'disaster' cost 40,000 finance jobs

LONDON (Reuters) -Britain's departure from the European Union cost London's financial centre about 40,000 jobs, the Lord Mayor of the City of London told Reuters, a far deeper impact from Brexit than previous estimates. Michael Mainelli said Dublin had gained most, attracting 10,000 positions, while cities such as Milan, Paris and Amsterdam had also benefited from jobs migrating from London after Britain voted to quit the EU trading bloc in 2016. "Brexit was a disaster," said Mainelli, the ceremonial head of London's City financial centre, which stretches over a square mile including the Bank of England, international banks and insurers.

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