"Brexit poses a risk to the global financial system and could spark more than 230,000 job losses, senior City figures have told MPs as they called for clarity on the UK’s future relationship with the EU.
Xavier Rolet, chief executive of the London Stock Exchange, said Brexit could have an impact on “unimaginably large” contracts which are cleared through the City and which might need to be transferred to the 27 remaining EU member states or other financial centres.
As Rolet called for a five-year transition period for the UK to exit the EU, MPs on the Treasury select committee were told the triggering of article 50 – the formal process initiating departure from the EU – in March could prompt banks to implement contingency plans to shift business out of London.
“The ecosystem in London is a bit like a Jenga tower: you don’t know if you pull one small piece out whether nothing happens or whether it has a more dramatic impact,” said Douglas Flint, chairman of Britain’s biggest bank, HSBC.
Ahead of the 23 June referendum HSBC said it could move 1,000 roles to Paris and Flint told MPs the bank was ready to take “pre-emptive action” before Brexit was completed. He pointed out that HSBC also had operations in Ireland, the Netherlands and Luxembourg."
Hands up those who worked in the City and voted for Brexit - your next might be doing guided tours for former 3rd world tourists ...