Capital To Lose 10,500 Jobs

12th December 2017.

London is at risk of losing 10,500 jobs to international employers as a fifth of UK financial businesses confirm their plans to open hubs abroad or relocate staff once the UK leaves the EU.

Double the amount of companies now plan on moving jobs post-Brexit compared to this time a year ago, according to accountant EY.

Furthermore, the report warns that “many” of the 10,500 roles set to go will be client-facing, front-office jobs and not the back office roles originally expected.

This estimate comes days after the European Commission announced that the UK Prime Minister, Theresa May, had made a ‘breakthrough’ deal with Brussels, allowing discussions to move on to trade.

May has until May 2019 to strike a sufficient deal with the EU, but increasing numbers of firms are threatening to jump ship if a trade agreement isn’t tabled by early next year.

Many UK financial businesses have already started to disperse, with Goldman Sachs’ boss Lloyd Blankfein already announcing plans to split its business between Paris and Frankfurt; halting all further business in London on account of Brexit.

Nevertheless, the industry is keen to keep any moves to a minimum, and Richard Hoar, a director of finance at Goodman Masson, insists numbers can be kept as low as possible.

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