Brexit to cost 75000 city jobs
31st October 2017
The Bank of England believes that up to 75,000 jobs could be lost following Britain’s departure from the European Union.
A BBC spokesman confirmed that the bank is using this number as a “reasonable scenario”, particularly if deals between the UK and EU continue to be prolonged.
In an effort to make contingency plans with the Bank of England in the event of Britain trading with the EU, UK-based financial institutions could lose their operating rights across the EU. This has been described by some as a “hard Brexit”.
Furthermore, in an attempt to compete with foreign companies many workers may have to work overseas. Brussels-based think tank, Bruegel, said that over time 30,000 jobs could move to the continent or even be lost as the financial sector shrinks.
Despite the predictions of job losses in the City of London, big banks such as HSBC and UBS are expecting minimal changes.
In the last week multi-national banks HSBC and UBS have both said they expect less than 1,000 jobs to go.
UBS boss Sergio Ermotti added that the bank’s target was “to keep as many people as we can in London” and that the bank has all of the licences it needs in place at its Frankfurt bank in order to continue all of its EU businesses after Brexit.
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