Brexit was a “disaster” for the capital that has cost it around 40,000 jobs, the outgoing Lord Mayor of the City of London has said in outspoken comments.
Michael Mainelli, the 695th holder of the largely ceremonial but still influential role, said other European financial centres such as Dublin, Milan, Paris and Amsterdam had all gained at London’s expense since the 2016 referendum.
He told Reuters: “Brexit was a disaster. We had 525,000 workers in 2016, My estimate is that we lost just shy of 40,000.”
The tally is higher than the 7,000 jobs that consultants at EY calculated had left London for the European Union by 2022. Dublin alone is said to have gained 10,000 jobs at London’s expense.
He added:”The City voted 70-30 to remain. We did not want it.”
Relations between the City and Brussels have been sometimes strained on isues such as mutual recognition of professional qualifications since the poll called by David Cameron that led to Britain quitting the European bloc, though there is said to have been something of a thaw since Labour’s election this summer.
Seattle born Mainelli, 65, who formally steps down to be replaced by Alastair King on November 8, said “there still a lot more we can do on visas” to help the City.
Leading City figures have said that while London remains a key centre for them they have chosen to focus their growth on other cities on the Continent or in Ireland,
Financial services are one of Britain’s biggest and most successful industries but output has stalled since 2020, while it has grown by around 8% in France and Germany, and 18% in Ireland.
