Amidst the uncertainty, about legal status and rights (of the citizens of 27 countries of the EU) that they will enjoy in the UK once it exits the bloc in the month of March 2019, people no longer feel confident enough to pursue their future aspirations.

The UK has significantly lost attraction as an individual for people, with high as well as low skills, as stated by a professor of Economics at the King’s College in London, Jonathan Portes. He is also a senior fellow at an initiative, based at the college – UK in a changing Europe. According to him, people experience a psychological effect. There is uncertainty about the future and the step is seen as a symbolic rejection. Hence, making people feel that a return to Europe is comparatively more attractive. This drain of skilled workers will have a negative impact on businesses in Britain, which will not have enough talent to acquire, at their disposal.

Most ambitious people in the world have always been attracted by London. Yet, after the June 2016, Brexit referendum, Europeans have flocked out of the UK and though there is no concrete statistics on the same, the drain is still continuing.

However, a poll conducted by the law firm Baker McKenzie, of the nations of the European Union in Britain stated that 56 percent of the skilled workers (out of the total surveyed) said that they were highly likely to leave UK before the outcome of the Brexit negotiations would be known.

According to the BBC, following Brexit, a potential loss of seventy-five thousand jobs in the financial services has been estimated by the Bank of England. With these and other similar numbers, European countries as well as companies are viewing Brexit as an opportunity which they can cash by picking up well trained and highly educated workers. The European Union, in order to avoid a financial meltdown and to cope with more than thirty thousand finance sector jobs relocating from Britain as a result of the Brexit, must adopt a stronger oversight of banks and other financial institutions. The same has been reinstated by an influential think tank of Brussels.

A report has been published by Bruegel, a European Economic think tank based in the capital of Belgium. The report projected that the city of London may lose twenty thousand consultancy, accountancy and law workers in addition to ten thousand banking jobs to clients in the European Union.