Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Bank of England sees up to 75,000 finance job losses after Brexit: BBC

Published 10/31/2017, 03:08 AM
Updated 10/31/2017, 03:10 AM
© Reuters. People walk past the Bank of England in London

LONDON (Reuters) - The Bank of England expects Britain to lose up to 75,000 financial services jobs after the country leaves the European Union in 2019, the BBC reported on Tuesday.

"I understand that senior figures at the Bank are using the number as a 'reasonable scenario', particularly if there is no specific UK-EU financial services deal," the BBC's economics editor Kamal Ahmed wrote, without providing a more specific source.

He added the BoE thought the figure could vary depending on the terms on which Britain left the EU, and that 75,000 was at the upper end of projections provided by other groups.

The BoE did not have an immediate comment.

Two BoE deputy governors whose roles cover financial services, Jon Cunliffe and Sam Woods, are due to speak to a parliament committee about Brexit on Wednesday.

The BoE is currently assessing British-based financial services firms' contingency plans to minimize disruption after Brexit.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.