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hurricane_run-
Internally, they probably are.
Some EU countries are happy to route tax via evasion routes (like The Netherlands / Ireland Luxembourgh) which might not work if you set up shop in the EU to process EU banking work there, rather than in the UK.
The city of london/offshore UK tax havens are really something else though.
But the CoL may still contribute more in UK tax income than all the other banking work that is now being moved abroad with profits being generated/taxed there?
JWestland
The profits will be generated in EU bases though if the services need EU access?
Sounds to me the UK will still lose tax revenue.
The dodgy dealings of the city of London helping with moving stolen dictator money/ offshore UK tax havens won't really change (for now)
How much tax and other revenue that CoL work brings to the UK I really don't know.