City of London Lord Mayor tally higher than other estimates
City39;s Mainelli Dublin, Milan, Paris and others benefited
Lord Mayor redoubles efforts to engage with Europe

LONDON, Oct 16 Reuters Britain39;s departure from the European Union cost London39;s financial centre about 40,000 jobs, the Lord Mayor of the City of London told Reuters, a far deeper impact from Brexit than previous estimates.

Michael Mainelli said Dublin had gained most, attracting 10,000 positions, while cities such as Milan, Paris and Amsterdam had also benefited from jobs migrating from London after Britain voted to quit the EU trading bloc in 2016.

Brexit was a disaster, said Mainelli, the ceremonial head of London39;s City financial centre, which stretches over a square mile including the Bank of England, international banks and insurers. We had 525,000 workers in 2016. My estimate is that we lost just short of 40,000.

The tally by Mainelli, who spent years charting the fortunes of Britain39;s financial centre before becoming Lord Mayor and has contact with hundreds of City firms, is far higher than the 7,000 jobs that consultants at EY calculated had left London for the European Union by 2022.

But he said the City of London was growing, including in fields beyond finance, with new jobs that compensated for the fallout of Brexit. Worker numbers have swelled to 615,000 as insurers and data analysis sectors grow, he said.

Nonetheless, his estimate underscores the scale of the fallout,…