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BoE sees 75,000 finance job losses post Brexit – BBC

Tuesday, October 31, 2017 - 01:41

The Bank of England is reportedly expecting Britain to lose up to 75,000 financial services jobs after the country leaves the European Union in 2019. Silvia Antonioli reports.

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A new warning that financial jobs could be taking off from Britain The BBC says the Bank of England is now expecting 75,000 of them to go, as a result of Brexit ... This is a much bigger number than what BoE Deputy Governor Sam Woods signalled earlier this month. He then told Reuters that a loss of 10,000 in the sector would a reasonable estimate of the initial impact from the divorce. But some critics would be suspicious of this latest estimate, if confirmed. (SOUNDBITE) (English) CMC MARKETS ANALYST, MICHAEL HEWSON, SAYING: "Ultimately they can't even get their economic forecasts right. So why they should be any more accurate with respect to their estimates for future jobs growth is beyond me... I think they're they're working on the basis that there will be a hard Brexit.... I think that's likely to be a worst case scenario on the part of the Bank of England." What is at stake is the status of London as a financial powerhouse. The City is Europe's main financial hub and the global leader when it comes to currency trading. Once it leaves the EU in 2019 it is likely to be harder to sell services across Europe but just how much this divorce can cost the sector is still up for discussion. (SOUNDBITE) (English) CMC MARKETS ANALYST, MICHAEL HEWSON, SAYING: "Ultimately I still think the City of London will maintain its position as a financial capital of the world irrespective of the Brexit outcome." Other forecasts on financial job losses go from 30,000 estimated by the Brussels-based Bruegel research group to as many as 232,000 by the CEO of the London Stock Exchange. Overall the British financial sector employs more than a million people. and generated a record 61 billion pounds of exports last year.

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BoE sees 75,000 finance job losses post Brexit – BBC

Tuesday, October 31, 2017 - 01:41