The Brexit financial industry is not making a lot of money, according to a new report.
The Bank of England released a report on Thursday that shows financial firms are struggling to make money in the aftermath of the vote.
The report comes just days after the UK voted to leave the European Union.
The Financial Conduct Authority (FCA) said that there are no indications of any financial industry profits being made during the period, even though the UK was a member of the EU for five years and was expected to leave it for good.
The FCA said the financial industry was not making any profit from Brexit, despite the UK’s membership of the bloc.
In a separate report released last week, the European Commission said that it expects to receive a further €1.4 billion ($1.7 billion) from EU banks by 2019, which it says will be “fundamentally inadequate.”
That figure, the largest in the EU, will be used to justify the continuation of the financial sector’s access to the single market, which has become increasingly difficult for UK businesses.
A separate report by the Bank of Italy found that “unrealistic” predictions of a large financial sector rebound in the next five years are not borne out.
The bank, which is also the financial arm of the European Central Bank, warned that the UK could face a “negative shock” if the UK fails to hit a “pre-2020 trajectory.”