News £150 bn in business assets transferred to France due to Brexit

Sep 26, 2012
London, UK
Despite remaining as the continent's financial centre, London has recently seen a decline in business due Brexit, in which, other EU cities such as Dublin, Paris, Amsterdam, and Frankfurt have taken advantage and attracted businesses to keep them included in the EU.

Bank of France's governor, Francois Villeroy de Galhau has said in a press briefing:

In spite of the pandemic, almost 2,500 jobs have already been transferred and around 50 British entities have authorised the relocation of at least €170bn (£150bn) in assets to France at the end of 2020

Other relocations are expected and should increase over the course of this year

The EU will still allow clearinghouses from London to operate as they still do not have institutions comparable to UK. However, after 18 months, and the deadline expires, all financial transactions made in euro must be settled within the Union.