More than a fifth of Britain’s largest financial services firms have confirmed they will move operations out of the UK as a result of Brexit.

The latest figures from professional services giant EY’s Brexit tracker show 46 banks, insurers and asset managers intend to move either staff or operations to the Continent.

Last week’s transition deal will give banks and insurers more time to enact contingency plans. But City figures are adamant that a future without ‘passporting’ rights means they will be forced to service EU clients from new continental bases.

46 banks, insurers and asset managers intend to move either staff or operations to Europe

Michael Tripp, a partner at accountancy firm Mazars, said the transition could be helpful for insurers, only half of whom have either moved operations or put plans in place that will be ready in 12 months’ time.

‘Half of the UK insurers affected will struggle unless there is some flexibility from regulators. An extension will help. It’s just such an upheaval,’ he said.