While many worst-case-scenario contingency plans have not been enacted, EY anticipates ongoing operational and staff moves from financial services firms across Europe as Brexit increasingly becomes part of a broader conversation about strategic business drivers and operating modelsĪlmost six years post-referendum and five years on from the UK triggering Article 50, the EY Financial Services Brexit Tracker shows that major Brexit-related operational announcements from financial services firms have stabilised, as strategic commercial decisions are increasingly influenced by wider factors impacting individual business needs and operating models.In the last quarter, the number of Brexit-related staff relocations to the EU has been further revised down, from 7,400 in December 2021 to just over 7,000 as March 2022 closes – significantly down from the peak of 12,500 announced in 2016.Since the referendum, 24 firms have publicly declared they will transfer just over £1.3trn of UK assets to the EU – a figure which has remained broadly flat over the past 18 months.Since the UK’s EU referendum, 44% (97 out of 222) of the largest UK financial services firms* have announced plans to move some UK operations and/or staff to the EU – a figure that nearly doubled between March 2017 (53 out of 222, 24%) and March 2021 (95 out of 222, 43%).The number of financial services firms to have moved or that plan to move operations, staff and assets from the UK to Europe as a result of Brexit has stabilised over the last 12 months.
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