London (CNN Business) Banks and other financial companies are shifting more assets and jobs out of the United Kingdom as the country lurches towards Brexit.

Financial services companies in Britain have announced plans to move £1 trillion ($1.3 trillion) into the European Union, according to consultancy EY. That's up from an earlier estimate of £800 billion ($1.1 trillion).

Many banks have set up new offices in Germany, France, Ireland and other EU countries to safeguard their regional business after Brexit . That means they also have to move substantial assets there to satisfy EU regulators.

Other companies are moving assets to protect their clients against the wild market swings and sudden changes in regulation that could accompany the rupture between Britain and its biggest trading partner.

The financial services industry accounts for roughly 12% of the UK economy, and employs 2.2 million people.

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