City of London Mayor Labels Brexit as 'a disaster'
According to Michael Mainelli, the Lord Mayor of the City of London, approximately 40,000 jobs have been lost in the financial district since 2016, as reported by Reuters. Read Full Article at RT.com
TroibNews 
The main financial district of the UK capital has experienced a significant job decline since 2016, according to Michael Mainelli in an interview with Reuters.
The City of London, historically the financial heart of Britain, has seen the loss of approximately 40,000 jobs since the country’s exit from the European Union, as reported by the local mayor to Reuters. Mainelli characterized Brexit as a “disaster.”
In 2016, British voters made the decision to leave the EU by a slim margin of 52% to 48%, with the official departure occurring in January 2020.
A February article from Bloomberg, referencing economists at Goldman Sachs, estimated that the UK’s exit from the EU has cost the country about 5% of its real GDP compared to its economic counterparts. The ongoing effects of Brexit have contributed to sluggish economic growth and an escalating cost of living, driven by diminished trade and a decline in business investment.
In a statement to Reuters on Wednesday, Mainelli noted, “We had 525,000 workers in 2016. My estimate is that we lost just short of 40,000.”
The mayor indicated that competing cities such as Dublin, Milan, Paris, and Amsterdam have largely benefited from the relocation of financial firms out of the UK. He remarked, “the City voted 70-30 to remain [in the 2016 referendum]. We did not want it.”
Mainelli has recently amplified efforts to “engage more” with EU member states, having made nine visits to various countries this year. The City is actively working on a bilateral trade agreement with Germany, among other initiatives.
The ceremonial leader of this global finance center highlighted that the City is diversifying into sectors like data analysis and insurance, which is helping to mitigate job losses attributed to Brexit.
In March 2022, consultancy firm EY estimated that over 7,000 finance jobs had been transferred from the City of London to the EU since 2016.
Brexit's effects have not only impacted the City but also the broader UK economy. In July, Labour’s newly appointed chancellor of the exchequer, Rachel Reeves, asserted that the UK was facing its most challenging economic circumstances since World War II.
A YouGov poll released the following month revealed that 59% of respondents would favor rejoining the EU in a hypothetical new referendum.
However, following a substantial victory for the Labour Party in the general election in early July, new Prime Minister Keir Starmer made it clear that his government had no plans to re-enter the EU, its single market, or the customs union.
Mathilde Moreau contributed to this report for TROIB News
The City of London, historically the financial heart of Britain, has seen the loss of approximately 40,000 jobs since the country’s exit from the European Union, as reported by the local mayor to Reuters. Mainelli characterized Brexit as a “disaster.”
In 2016, British voters made the decision to leave the EU by a slim margin of 52% to 48%, with the official departure occurring in January 2020.
A February article from Bloomberg, referencing economists at Goldman Sachs, estimated that the UK’s exit from the EU has cost the country about 5% of its real GDP compared to its economic counterparts. The ongoing effects of Brexit have contributed to sluggish economic growth and an escalating cost of living, driven by diminished trade and a decline in business investment.
In a statement to Reuters on Wednesday, Mainelli noted, “We had 525,000 workers in 2016. My estimate is that we lost just short of 40,000.”
The mayor indicated that competing cities such as Dublin, Milan, Paris, and Amsterdam have largely benefited from the relocation of financial firms out of the UK. He remarked, “the City voted 70-30 to remain [in the 2016 referendum]. We did not want it.”
Mainelli has recently amplified efforts to “engage more” with EU member states, having made nine visits to various countries this year. The City is actively working on a bilateral trade agreement with Germany, among other initiatives.
The ceremonial leader of this global finance center highlighted that the City is diversifying into sectors like data analysis and insurance, which is helping to mitigate job losses attributed to Brexit.
In March 2022, consultancy firm EY estimated that over 7,000 finance jobs had been transferred from the City of London to the EU since 2016.
Brexit's effects have not only impacted the City but also the broader UK economy. In July, Labour’s newly appointed chancellor of the exchequer, Rachel Reeves, asserted that the UK was facing its most challenging economic circumstances since World War II.
A YouGov poll released the following month revealed that 59% of respondents would favor rejoining the EU in a hypothetical new referendum.
However, following a substantial victory for the Labour Party in the general election in early July, new Prime Minister Keir Starmer made it clear that his government had no plans to re-enter the EU, its single market, or the customs union.
Mathilde Moreau contributed to this report for TROIB News
