The number of finance firms planning to move jobs out of the UK over Brexit is rising rapidly

File photo dated 09/03/17 of the London skyline as seen from Tower 42 with the 'Gherkin' (foreground), 30 St Mary Axe and Canary Wharf (background) prominent. London and the South East will account for two fifths of the UK economy by 2022 if current trends continue, according to a study.Chris Radburn/PA Wire/PA ImagesThe City if facing a huge wave of job relocations.

LONDON — The number of finance firms saying they will either move jobs out of the UK or review their domicile as a result of Brexit has risen by 50% since the start of the year, according to EY.

The consultancy said that over a quarter of the 222 finance firms it monitors as part of its Brexit Tracker have now said they plan to make changes as a result of Brexit.

It comes as figures collated by Reuters suggest at least 9,000 jobs could be moved out of the City of London due to Brexit.

Reuters looked at all the public announcements from big banks of possible job moves post-Brexit. The largest was Deutsche Bank, which said 4,000 jobs may move. Dublin and Frankfurt are so far the most popular locations for relocation, according to Reuters.

Omar Ali, UK Financial Services Leader at EY, said in a statement: “The number of financial institutions who are publicly committing to concrete action in response to Brexit has increased, but it’s still a minority and is driven by the tight timetable rather than politics.

“The more complex the organisation, the longer it is going to take to create workable contingency options, and so investment bank, in particular, are putting their plans on record.”

EY noted that eight major investment banks have made announcements on Brexit plans in just the last two weeks. 45% of the investment banks it tracks have announced new plans on staffing or domicile since the start of the year, EY said, the highest percentage of any finance sub-sector it tracks.

Ali said: “Notably though, the majority of firms are maintaining their commitment to the UK, and still talking about moving only the resources necessary to maintain a smooth service for their clients. The variety of locations firms are selecting only confirms the fact that the UK’s financial ecosystem is unique and very hard to replicate in other European jurisdictions.”

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