Brexit was a "disaster" that cost the City 40,000 jobs says Lord Mayor - Cities such as Dublin, Milan and Amsterdam have all gained at London’s expense

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 has had a significant effect on London's financial sector, with the City of London losing around 40,000 jobs, according to Lord Mayor Michael Mainelli. This is much higher than previous estimates of 7,000. Cities like Dublin, Milan, Paris, and Amsterdam benefited as roles migrated from London after the 2016 Brexit vote.

The UK's rocky exit from the European Union cost London's financial district almost 40,000 jobs, with Dublin and cities in continental Europe such as Paris and Milan benefitting, according to a media report published on Wednesday.