Brexit Fallout: London's Financial Exodus

Britain's exit from the EU resulted in significant job losses in London's financial sector, with figures suggesting an exodus of 40,000 jobs. While cities like Dublin benefited, the city is looking to recover through growth in other sectors and improving relations with Europe.

London's financial center has lost approximately 40,000 jobs following Britain's departure from the European Union, according to Michael Mainelli, the Lord Mayor of the City of London. This figure is significantly higher than previous estimates, highlighting the extensive impact of Brexit on the city's economy.

Mainelli noted that cities such as Dublin, which gained 10,000 positions, and others like Paris and Milan benefited as jobs migrated out of London. Despite the challenges, the City has seen growth in non-financial sectors, increasing its workforce to 615,000 as insurers and data analysis roles expand.

Despite economic setbacks, efforts to rebuild economic and diplomatic ties with Europe are underway, led by Britain's Prime Minister Keir Starmer. While Britain has ruled out rejoining the EU single market, ongoing negotiations aim to ease business transactions between the UK and European countries.

(With inputs from agencies.)