UK Prepared For Loss Of 5,000 Finance Jobs Through Brexit

10th October 2018

City minister John Glen pledged to do all he could to ensure that the City of London remained a major financial centre.

Thousands of financial services jobs are expected to have moved to the European Union by the time the UK leaves the EU in 2019, according to the British Government.

City minister John Glen said he agreed with Bank of England estimates of 5,000 City jobs moving to the continent by March, but that the situation was "stable" as far as job movements were concerned.

Mr Glen pledged to do all he could to ensure that the City of London remained a major financial centre.  "My sole objective in respect of the City is to ensure as much continuation as possible in respect of economic value able to be generated by the City.”

"We have not seen wholesale moves of large institutions to other cities in continental Europe," Mr Glen said.

He "fully expects" that Britain and the EU will agree on a deal that would introduce a transition period from next March to avoid a rough Brexit.

In September, yearly rankings showed that London has lost its place as the world’s top financial centre to New York, showing that Brexit is tangibly harming the UK capital’s attractiveness.


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