The OP is right – at least according to Ernst and Young [1], who wrote in 2022 that:
> Since the UK’s EU referendum, 44% (97 out of 222) of the largest UK financial services firms have announced plans to move some UK operations and/or staff to the EU – a figure that nearly doubled between March 2017 (53 out of 222, 24%) and March 2021 (95 out of 222, 43%)
> Since the referendum, 24 firms have publicly declared they will transfer just over £1.3trn of UK assets to the EU – a figure which has remained broadly flat over the past 18 months
> In the last quarter [i.e. Q1 2022], the number of Brexit-related staff relocations to the EU has been further revised down, from 7,400 in December 2021 to just over 7,000 as March 2022 closes – significantly down from the peak of 12,500 announced in 2016
> While many worst-case-scenario contingency plans have not been enacted, EY anticipates ongoing operational and staff moves from financial services firms across Europe as Brexit increasingly becomes part of a broader conversation about strategic business drivers and operating models
There has been no post-Brexit boom in financial services [2], with a variety of "business friendly deregulation" changes either "yet to be implemented" [as of Dec 2023] and with "none so far having a substantial impact".
> The OP is right – at least according to Ernst and Young [1], who wrote in 2022 that:
> Since the UK’s EU referendum, 44% (97 out of 222) of the largest UK financial services firms have announced plans to move some UK operations and/or staff to the EU – a figure that nearly doubled between March 2017 (53 out of 222, 24%) and March 2021 (95 out of 222, 43%)
> In the last quarter [i.e. Q1 2022], the number of Brexit-related staff relocations to the EU has been further revised down, from 7,400 in December 2021 to just over 7,000 as March 2022 closes – significantly down from the peak of 12,500 announced in 2016
the number of people employed in UK FS is 2.2 million, so that's 0.3%
for comparison: last year 87,000 new UK jobs were added
structually most of these 2.2 million serve the UK domestic market and were never at risk of going to the EU
> In the last quarter [i.e. Q1 2022], the number of Brexit-related staff relocations to the EU has been further revised down, from 7,400 in December 2021 to just over 7,000 as March 2022 closes – significantly down from the peak of 12,500 announced in 2016
it’s interesting that there was no mass relocation of jobs out of London:
There's a fairly large advanced hi-tech industry hub in the Netherlands. Philips and ASML are big names, but there are very many more. As they're all fairly near each other on the scale of things (often near Eindhoven, with more "non-physical" tech in Amsterdam), there's some Silicon Valley-style network effects at play.
Also French labour laws and norms are probably frightening to union-phobic Big Tech companies.
Plenty of things that used to be Philips are still in Eindhoven, like NXP (semiconductors) and Signify (lighting, including Hue). Philips has been a huge part of what made the Eindhoven area a high-tech industry hub, even if much of it is under new ownership structures.
It's not irrelevant to why Eindhoven is how it is today, in the same way that HP is a split-up shadow of what is former influential self, but it's partly why Google now is in Silicon Valley.
Just because it was relevant in the past doesn't mean it's also somehow relevant today if it stopped innovating, and it has. Glorious history doesn't pay your bills or increase your stock.
>Amsterdam is likely also the best connected area in Europe, the European equivalent of Ashburn, VA.
Best connected to what exactly? If you ask most people, Vienna is a lot better connected with the rest of europe. Amsterdam is at an edge of the continent.
Fair. I am US-centric, so I care most about trans-Atlantic access. From a peering standpoint we still do more traffic out of Amsterdam than Vienna by quite a far margin.
I am not the decision maker, unfortunately. The UK is on track to solving the cost of housing, by tanking the economy, but people still won't afford said housing since they won't afford the mortgages. Hope the NL finds a better way to solve its issues.
Please stop using France as a trashbin. We already bulldoze enough agricultural land every year and make life impossible for farmers (wtf are we doing with our own food producers in an age of ecology), if we want to remain sustainable, we should not stay as overpopulated as we already are and we should not overexploit our resources. What do you expect, “just build 56 more nucular reactors”?
> Since the UK’s EU referendum, 44% (97 out of 222) of the largest UK financial services firms have announced plans to move some UK operations and/or staff to the EU – a figure that nearly doubled between March 2017 (53 out of 222, 24%) and March 2021 (95 out of 222, 43%)
> Since the referendum, 24 firms have publicly declared they will transfer just over £1.3trn of UK assets to the EU – a figure which has remained broadly flat over the past 18 months
> In the last quarter [i.e. Q1 2022], the number of Brexit-related staff relocations to the EU has been further revised down, from 7,400 in December 2021 to just over 7,000 as March 2022 closes – significantly down from the peak of 12,500 announced in 2016
> While many worst-case-scenario contingency plans have not been enacted, EY anticipates ongoing operational and staff moves from financial services firms across Europe as Brexit increasingly becomes part of a broader conversation about strategic business drivers and operating models
There has been no post-Brexit boom in financial services [2], with a variety of "business friendly deregulation" changes either "yet to be implemented" [as of Dec 2023] and with "none so far having a substantial impact".
[1] https://www.ey.com/en_uk/news/2022/03/ey-financial-services-...
[2] https://www.reuters.com/world/uk/post-brexit-big-bang-reform...