Britain's Finance Sector Rebounds After Brexit as 40,000 Jobs Shifted to EU Hubs
Updated
Updated · Reuters · Jun 21
Britain's Finance Sector Rebounds After Brexit as 40,000 Jobs Shifted to EU Hubs
3 articles · Updated · Reuters · Jun 21
Summary
676,000 people now work in the City of London—up more than 25% since 2019—while banks are posting record profits and JPMorgan plans a London tower for up to 12,000 staff.
Higher interest rates and Labour's post-2024 deregulation drive helped power that recovery, while looser Solvency II-style rules pushed UK insurers' gross written premiums to $187 billion, double a decade ago.
Brexit still eroded London's dominance: about 40,000 jobs moved to EU hubs, Britain lost market share in 10 of 12 international finance categories, and its share of global foreign capital fell to 7% in 2025 from 8.6% in 2015.
Britain remains second only to the United States for foreign capital, with more than £12 trillion onshore, but weaker growth, high bond yields and budget forecasts of a 4% long-run productivity hit suggest the wider economy remains less attractive to investors.