the brexit vote and Donald Trump's
election have annuit finances to shock
still it was eyebrow-raising when
Lloyd's of London insurance market
announced it was setting up shop in
Brussels the Belgian capital currently
hosts just 118 insurers ik compared with
nearly 500 in the UK it's impossible to
predict just how many jobs will move to
other EU financial centres and which of
those cities will be the biggest winners
the city's banking business is the real
prize and banks may choose to move
operations to locations where they
already have a presence Frankfurt could
be the front-runner Ft research shows
that of the top 10 banks eight already
have bases there and Frankfurt reckons
it could attract 10,000 jobs over five
years banks more radical contingency
plans assume that they will no longer be
able to conduct pan EU business from
London at all under the EU single market
passport think-tank open Europe reckons
27 billion pounds or 20% of city banking
activity depends on passport e EU
business into London
overall according to a 2016 study up to
75,000 of the cities near 400,000
workers could be moved to the continent
many believe the real winners from
brexit will be the financial centers of
New York and Asia not least because the
fragmentation of financial services away
from London is likely to weaken Europe's
appeal as a whole
[Music]
you