11-02-2017, 01:38 AM
The Bank of England has warned that 10,000 jobs could leave the City on “day one” after the UK leaves the EU. Sam Woods, a deputy governor of the Bank, also admitted that forecasts of 75,000 job losses over the long-term were “plausible” at an appearance before peers on the Lords EU financial affairs sub-committee. Woods runs the regulatory arm of the Bank and has already asked 400 banks and financial firms for their contingency plans in the event of hard Brexit. He said some of those plans were being put in place – with banks reserving school places and hiring office space – but that this would get under way “in earnest” in the first quarter of the year. The estimate of 75,000 job losses was made by consultants Oliver Wyman, which also warned that up to £10bn in tax revenue could be lost if the UK was left to rely on World Trade Organisation rules and there was no transition period after March 2019 when the country leaves the EU.
City could lose 10,000 jobs on day of Brexit, says Bank of England | Politics | The Guardian