A peer-reviewed 2025 study by researchers at Sheffield Hallam and the University of Doha shows the UK has flipped from being Europe's main financial shock transmitter to a net receiver. London's net volatility spillover score fell from +11.8 before Brexit to -5.5 after it. Germany's transmitting influence rose by nearly half, Italy became the second most influential market, and more than 440 firms have relocated £900 billion in assets out of the UK. The rewiring looks permanent.