BoE Warns UK Economy Could Lose 75,000 Finance Jobs After Brexit

October 31, 2017 Share Print 0

The Bank of England expects Britain to lose up to 75,000 financial services jobs in the years 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.

The BoE declined to comment on the BBC report. BoE Deputy Governor Sam Woods told Reuters at the start of the month that a figure of 10,000 job losses in a Reuters survey of banks’ plans was a reasonable estimate of the initial impact of leaving the EU.

The longer-term impact of Brexit on jobs in financial services was much less certain, and depends on what deal Britain struck was able to reach with the EU, Woods said.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.