Banks, asset managers and insurers have already moved nearly £1 trillion of assets out of the UK and to other European countries ahead of Brexit, with more likely to be shifted in coming months, according to new research.
New Financial, a think tank, has identified more than 275 firms that have moved or are moving some of their business, staff, assets or legal entities from the UK to the EU in preparation for Brexit.
“This is not Project Fear; this has already happened,” says William Wright, the managing director of New Financial and one of the authors of the report. “It has been apparent to everyone in the City ever since the referendum that they needed to prepare for a hard Brexit. "
www.telegraph.co.uk/business/2019/03/11/new-research-lays-bare-900bn-city-brexodus/?li_source=LI&li_medium=li-recommendation-widget
I doubt whether most of us can even imagine £1 trillion (In the British system one billion is 1,000,000,000,000 and one trillion is 1,000,000,000,000,000,000 so one trillion is one million times one billion.) as we're not experts, but the people who have moved this money out of the UK are. As he says, this is not Project Fear, not a prediction. It has already happened because of brexit.