Displaying items by tag: Michael Mainelli

Brexit has had a significant impact on London’s financial sector, with an estimated 40,000 finance jobs lost since the UK’s departure from the EU, according to Michael Mainelli, the Lord Mayor of the City of London. This figure is at odds with previous estimates, including a 2022 assessment which put the job loss at around 7,000. While cities like Dublin, Milan, Paris, and Amsterdam gained positions from the migration of jobs, London’s financial centre has continued to grow, adding roles in insurance and data analysis, bringing the total workforce to 615,000. Mainelli's remarks come as Britain seeks to restore relationships with Europe amid a broader economic slowdown. Although many had hoped Brexit would reduce immigration and deregulate industries, it has proven difficult to disentangle regulations, and the economic slowdown has persisted. Keir Starmer is attempting to rebuild ties with the EU, focusing on improving business relations but ruling out rejoining the single market.