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Brexit Costs London £1 Trillion in Financial Assets

11/2/2025

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Summary

Story summary

Rob Rooney, former Morgan Stanley executive, says Brexit harms London's financial sector as Frankfurt and Paris thrive.
Over 440 City firms relocated nearly £1 trillion in assets to the EU.
London has lost market share to EU rivals since 2016.
Labour's Rachel Reeves attributes the downturn to Brexit and calls reforms to boost productivity and tax revenue.
Rob Rooney now leads Hyperlayer, a UK fintech that raised £30 million.

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Story summary

Rob Rooney, former Morgan Stanley executive, says Brexit harms London's financial sector as Frankfurt and Paris thrive.
Over 440 City firms relocated nearly £1 trillion in assets to the EU.
London has lost market share to EU rivals since 2016.
Labour's Rachel Reeves attributes the downturn to Brexit and calls reforms to boost productivity and tax revenue.
Rob Rooney now leads Hyperlayer, a UK fintech that raised £30 million.