Facts4EU suggests that research published by European Banking Authority does not prove that bankers have left the Square Mile to move to the continent because they are afraid of the consequences. EBA published its report earlier this week. It indicated that 95 bankers earned more than EUR1million per year. This includes bonus and pensions.
In his report, Facts4EU spokesman David Evans comments: “The EU’s Paris-based banking regulatory authority struggles to find any good news for the EU.
The latest EU report shows that top European bankers continue to ignore EU anti-Brexit measures and prefer to remain in London and the UK.
Evans stated that the UK was “completely dominant” in Europe when it comes to where top bankers are located, a point underlined by EBA figures.
He explained: “Readers are aware that Facts4EU.Org always aims to present key information in simple, ‘at-a-glance’ charts, such as the one we have produced above.
“Very frequently (as is the case in this instance), we are forced to laboriously enter numbers into spreadsheets manually because data isn’t provided in spreadsheet format.”
Evans compared an EBA official chart with one that Facts4EU produced.
JUST IN: EU agrees to import African vaccines. WHO Chief
The EBA’s latest report, which includes the UK, failed to show any signs of the “brain drain” predicted by Project Fear. Project Fear warned of huge job losses in London’s City of London as well as other financial centers.
Summary of the report stated that Brexit “had affected the distribution of high-earners across the EU”, with many of them “relocating to the EU from the UK”.
Evans stated that the UK had lost only 95 people in the report. The EBA does not show any evidence of Brexit having affected this small amount. This small amount, which would have been a significant fall for any EU country, still leaves the United Kingdom in an entirely dominant position.
Evans referred to Remainers’ doom-laden forecasts regarding the effects of Brexit on the city. He said: “As with all Project Fear Threats, this turned out be another false one, and the Biblical exodus failed to materialise.”
It is worth noting that after Brexit, the UK gave EU financial companies ‘equivalence’ which allows them to continue to function unaffected. The EU, on the other hand, has not reciprocated.
“The EU rejected the inclusion of financial services in the UK-EU Trade and Cooperation Agreement. The City is still thriving and rising to all the challenges it faces in its usual way, despite EU efforts.
Evans spoke out about the EBA and said that Francois-Louis Michaud, a Frenchman is running the European Banking Authority.
“Monsieur Michaud, the Executive Director, is also a Director General at European Central Bank.
“Facts4EU.Org cannot see any reason why suddenly a logarithmic scaling should have been used. This would suppress the obvious fact that the UK is the dominant bank in Europe’s top positions.
“The only reason that we could think of was to distort our true picture of continued success in UK banking, ‘despite Brexit.’
Express.co.uk reached out to the EBA in order for them to comment.
Publited at Fri, 20 August 2021 21.28:43 +0000