LONDON: UK banks and insurers have shifted more than £1.0 trillion to the European Union in response to Brexit, a study published Friday found. More than 440 firms operating in the UK banking and finance sector have relocated parts of their business, moved staff or established new EU entities in response to Brexit, according to the study from think-tank New Financial.

The total £1.0 trillion is equivalent to $1.4 trillion or 1.2 trillion euros. “While this is the most comprehensive analysis yet of the impact of Brexit on the City, we think it is an underestimate: we are only at the end of the beginning of Brexit,” New Financial warned in a report published almost four months after Britain left the EU. British-based banks have shunted in excess of £900 billion in assets into the bloc, or ten percent of total UK bank assets, according to its analysis. And insurers have shifted more than £100 billion.