Investment banks have already shifted nearly 1,000 jobs to the continent ahead of the UK’s departure from the European Union, but that is only 15% of the total number of planned relocations, according to EY’s Financial Services Brexit Tracker.

Omar Ali, UK financial services leader at EY, said that after a three-month hiatus in job and asset moves, in the “last few weeks” financial services companies have restarted their Brexit plans and “we expect preparation activity for a no-deal to increase markedly throughout the summer”.