Bank of England predicts up to 75,000 finance job losses
The BBC reported on Tuesday that senior figures at the central bank are using the number as a "reasonable scenario", especially if there is no specific UK-EU financial services deal.
31.10.2017
The
Bank of England expects up to 75,000 jobs could be lost in financial
services following Britain's departure from the European Union.
The
BBC reported on Tuesday that senior figures at the central bank are
using the number as a "reasonable scenario", especially if there
is no specific UK-EU financial services deal.
The
number of financial services jobs that move to the continent will
depend on the terms of the exit deal struck between the European
Union and the UK.
If a
deal is not struck, UK-based financial firms risk losing their "passporting
rights" which allow them to sell their services across the EU.
Nicolas
Mackel, chief executive of Luxembourg for Finance, has previously
said he expects Brexit will create around 3,000 jobs in Luxembourg - although just a few hundred are expected to move from London.
Audit firm KPMG
Luxembourg estimated this month that 24 firms have already said they will set up shop in the Grand-Duchy.
Fund managers are bolstering their presence in the city, while insurers and private banks are also considering establishing bases.