Brexit also has affected the U.K. workforce, with some companies choosing to relocate staff to the continent.
Data from EY's financial services Brexit tracker show that 43% of the U.K.'s largest financial services firms have moved or plan to move some U.K. operations and/or staff to Europe, with the total number of relocations at almost 7,600 as of May.
As of April, almost 450 U.K. financial services firms — including 182 investment managers — had relocated to other European cities or expanded European presence due to Brexit, according to analysis by U.K. think tank New Financial.
It may also be "more difficult (for the U.K.) to attract multinational companies, but it's too early to tell to what extent the U.K.'s position as a business location will suffer," said Christian Kopf, Frankfurt-based head of fixed income and FX at Union Investment Institutional GmbH.
