Brexit and the City: Exodus from London?

Brexit is expected to effect many industries in the UK and the finance is on the top of the list. There are various assumptions, predictions and possibilities discussed since the Brexit vote.

Reuters has recently published an analysis on the change in the city related to finance sector in London.

Will Britain’s decision to leave the European Union in 2019 damage one of its most successful industries? Some politicians and economists predict London will lose its pre-eminence as a financial centre after Brexit, although supporters of leaving the EU say Britain will benefit over the long term by being able to set its own rules. Reuters assesses the fortunes of the City through a series of indicators that suggest signs of a slowdown, but no transformative decline. (Reuters)

One of the most important indicator is the jobs in this sector in London. Although it is too early to conclude a complete exit from London. The numbers show a tendency of dropping creation of new financial jobs.

The recruiter found 51,922 new financial services jobs were created in the first seven months of this year, a 10 percent drop compared with the same period last year. This was the lowest number of jobs available since 2012. (Reuters)

(Image Credit: Reuters)

The analysis also shows a decrease in transportation.

The number of people using the underground rail network at Bank and Monument stations in the heart of the City is on course for its first fall since the final year of the global financial crisis, according to Transport for London data. In Canary Wharf — a once defunct docklands now transformed into another hub of global finance in east London — the number of people using the station continues to rise but the pace has slowed.

London City Airport, favoured by executives for flights to European cities and beyond, had a slight increase in passengers in the first six months of this year with recent figures in decline.(Reuters)

(Image Credit: Reuters)

The analysis shows that it is early to conclude a total financexit from London. However, there are strong signs of its decline in near future. All these perhaps up to the results of the Brexit negotiations undertaken currently and their results will determine the finance industry’s condition and its effects on the city itself.

The Brexit Crisis: A Verso Report

 

It is unlikely to discuss any contemporary urban issue without considering the refugee influx, migration and, sadly, living conditions of people in war-torn countries.

Brexit evolved around a toxic discourse based on these issues and was fuelled with xenophobia and and racist rhetoric.

Verso Books published a timely ebook – The Brexit Crisis – about Brexit and its discontents. It is free to download.

The Brexit Crisis gathers together some of the most insightful and provocative reactions to this moment, from the UK and abroad, examining what happened on the 23 June and what this might mean for the UK and the EU as a whole. It looks at the ruptures, false promises and ingrained racism revealed during the campaign and afterwards. As the UK heads towards the exit, what is to be done? (versobooks)

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