With Brexit described as a “disaster” by Michael Mainelli, the repercussions of the UK’s departure from the EU are becoming increasingly apparent. The economy has slowed and the cost of living has soared, with estimates suggesting a loss of 40,000 workers since 2016. Financial institutions have moved to other European cities, and the City of London is feeling the impact.
Mainelli has been working to engage more with EU member states, seeking bilateral trade deals and exploring new avenues such as data analysis and insurance to compensate for lost jobs. However, reports indicate that over 7,000 finance jobs have already been relocated from London to the EU.
The economic toll of Brexit is undeniable, with the UK facing challenges on multiple fronts. Despite public sentiment leaning towards rejoining the EU, the government under Prime Minister Keir Starmer has no plans to reverse the decision. As the UK navigates the consequences of Brexit, only time will tell how the future unfolds for the nation.