Bank of England warns Brexit could cost City 75,000 jobs
The central bank has also asked financial services firms for their contingency plans for both a hard and soft Brexit scenario
Scott McCulloch
The Bank of England has warned up to 75,000 finance jobs could be lost as a result of Brexit.
The BBC reports this figure is being used by the central bank as a "reasonable scenario" if there is no specific financial services deal secured before leaving the European Union.
If Britain and the EU reach a deal the Bank of England expects job losses would be lower
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The Bank of England has asked banks and other financial services firms for their contingency plans for both a hard and soft Brexit scenario.
If a deal is secured, the Bank of England expects job losses would be lower, though still substantial, as banks and other financial services firms would still move some jobs to the continent.
A recent Reuters poll of 100 UK-based financial services firms suggested around 10,000 jobs could be lost in the first few years after Brexit though the Bank of England believes the 10,000 figure could be the immediate scenario is no trade deal is secured for financial services.
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In the event of a worst case scenario, the 75,000 job losses would equate to around seven per cent of the one million plus jobs supported by UK financial services.
However foreign banks who initially outlined plans to move thousands of jobs to the European continent have in some cased scaled back those plans.