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Brexit Won’t Kill As Many U.K. Finance Jobs As We Once Thought

March 28, 2018, 11:09 AM UTC

The Brexit deal may not be done, but there’s at least one reason for Brits to breathe a sigh of relief: London will not lose its status as Europe’s financial capital—at least according to the latest numbers.

A new report by Reuters suggests that the number of finance jobs that were predicted to be moved out of the U.K. by March 2019 due to Brexit has been cut in half. Six months ago, it was estimated that as many as 10,000 jobs in the U.K. would be lost—now that number has dropped to 5,000.

Reuters surveyed 119 firms to determine its figures, following up on a survey it carried out in September of last year. Despite these slightly more encouraging numbers, more than half of the companies surveyed conceded that their businesses will have to be restructured or staff moved. Only one quarter said Brexit would have no impact.

As Brexit discussions continue to move forward, banks are more seriously considering what effect U.K.’s EU exit will have on their operations. Yet even if the Britain loses access to the European Union’s single market, many firms have lowered their estimates for job losses in London, meaning the city will likely remain Europe’s financial center.

Frankfurt, Germany, was initially seen as the No. 1 beneficiary of finance jobs leaving London, but Reuters found that Paris has overtaken Frankfurt as the most popular destination for these positions, with more than 2,000 roles headed for France’s capital.