City workers want to stay in London despite bonus clampdown and the risk of Brexit

 
Shruti Tripathi Chopra
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The main motivations for those considering moving abroad included experience of working abroad (Source: Getty)

Bonus restrictions and a possible Brexit have not impacted London’s appeal to financial sector workers, according to a survey by recruitment firm Astbury Marsden.

The proportion of financial services workers who would consider moving to other global financial centres has fallen from 79 per cent to 61 per cent, the poll showed.

Over half of the 500 City workers surveyed (51 per cent) said that they felt that the new bonus deferral and clawback regime had no impact on the appeal of London compared to other major financial services sectors. Only 2.5 per cent of those who would consider leaving London cited fewer restrictions on bonuses as a key factor impacting their decision.

The main motivations for those considering moving abroad included experience of working abroad and career progression (54 per cent), more exciting work (18 per cent), and lower taxation (16 per cent.)

When asked which major financial services centres they would consider a move to, more than 78 per cent of City workers chose New York. Other financial services hubs preferred by workers included Singapore (55 per cent), Hong Kong (50 per cent), Amsterdam (47 per cent), and Dubai (42 per cent).

Adam Jackson, managing director at Astbury Marsden, said: “The results are promising. There have been concerns that a clampdown on bonus packages- as well as the prospect of a Brexit- might start to adversely impact London’s appeal, but this does not seem to be the case.

“Feelings on Brexit are mixed. While the prospect of leaving the EU is generating some uncertainty, most are confident that any dislocation in the markets caused by an exit would be short-term and that as a leading financial services centre, the UK would be in a strong position to successfully re-negotiate its relationship with Europe afterwards,” added Jackson.

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