Financial district London largely driven the fortunes of the British economy.

The job exodus is expected to follow after that Brexithowever the most pessimistic estimate is for the loss of more than 250,000 jobs in the financial services sector. great Britainunfulfilled. The latest figure for personnel transfers is around 7,000 people.

However, according to experts, European cities are now more competitive than London in the field of investment banking.

“London is still seen as a global financial player, but not necessarily the only European financial services hub, and I think that’s what changed after Brexit. Now people think that London is not the only European financial center, but also other European financial centers. place. Could be Paris, Amsterdam or Dublin”reports David Henig of the European Center for International Political Economy.

Thanks to investment incentives, European cities are loving it Dublin they became the new banking center.

Evidence suggests that what was once predicted to be a wholesale exodus of urban bankers from London has actually resulted in a strategic recalibration of resources around Europe’s banking centers to rival the City of London.

Peter Lawlor Is he former Chief Economist of the German Stock Exchange. He believes that European centers like frankfurt they are already a step ahead of London, but it is too early to say what the long-term impact of Brexit will be on financial services.

“I don’t think this strategy has been thought through enough in England. Frankfurt is ready, Paris is ready…You already know the incentives proposed in various European cities. Where do we end though? whatever that is…. It’s too early to say that”Lawlor argues.

Change of direction, recalibration of power: the story of the impact of Brexit on Europe’s finances is far from over.