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Comment: Bank of England warns Brexit could cost 75,000 finance jobs

31 October 2017

Naeem Siddique, Investment Manager, comments after the Bank warns of potential job losses

“The Bank of England believes 75,000 jobs could be lost from London’s financial services sector in the event of a hard Brexit. Jobs from associated activities in the legal and other professional services sector could make up half of this number. There have been greater numbers of job losses suggested by the outgoing chief of the London Stock Exchange, Xavier Rolet, who believes 200,000 jobs could be lost.

“US banks have been vocal pre and post the referendum in terms of job losses and the relocation of jobs. Think tanks and those commissioned to assess the impact of Brexit on the financial services sector are assuming a move to Europe. However, this is far from certain, as Morgan Stanley has approached the Hong Kong Authority in assessing the requirements to settle trades locally, whilst Singapore has also been named an alternative location for back-office jobs. Europe has been courting all financial institutions, however, one central location or a consensus on one country has not been reached. The diversity and attraction of London, it seems, cannot be matched. 

“The impact on London and the UK would be lower revenues to the government from taxation and would have some bearing on the local economy. The leisure industry would probably see the greatest impact from the loss of financial services jobs, the majority of which is likely to be felt in areas outside of the City of London.”

Author: Ruth Peterson

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