5,000 UK finance jobs may be moved by Brexit, half earlier forecast – Reuters

A Reuters survey of 119 firms, following up on a survey published in September 2017, also found that Paris has overtaken Frankfurt as the most popular destination for the new roles.

Some banks lowered the estimates for jobs they need to move as they consider more carefully how much of their operations they will need in the European Union if Britain loses access to the bloc’s single market, the survey found. (For a graphic on Brexit and the City, click tmsnrt.rs/2zzQOfC)

A more conciliatory tone toward the finance sectors from British Prime Minister Theresa May’s government and progress in talks with the EU have also had an effect.

The findings suggest London will comfortably remain Europe’s largest financial centre, at least in the short term, boosting supporters of leaving the EU, who say the threat of job losses from one of Britain’s biggest industries was exaggerated.

Executives and politicians predicted a mass exodus of finance jobs from London to rival centres in continental Europe after Britain voted to quit the EU in the summer of 2016.

“The idea of London’s demise was overdone because it will retain most of the advantages that made it a great financial centre,” said Peter Hahn, a professor of banking at the London Institute of Banking and Finance.

The September survey, which found that they planned to move or create 10,000 jobs on the continent by Brexit Day on March 29, 2019, was also as at the lower end of estimates by industry lobby groups and financial firms.

The Bank of England later validated the number.

The future of London as Europe’s financial centre is one of the biggest issues in Brexit talks because it is Britain’s largest export sector and biggest source of tax. Rival cities within the bloc are battling to draw highly-paid banking jobs and the revenues they bring.