Early Morning DOOM™: Bank of England believes Brexit could cost 75,000 finance jobs

[AtW]

Bank of England believes Brexit could cost 75,000 finance jobs

The Bank of England believes that up to 75,000 jobs could be lost in financial services following Britain's departure from the European Union.

I understand 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 number could change depending on the UK's post-Brexit trading relationship with the EU.

But the bank still expects substantial job losses.

Many jobs will move to the continent.

The Bank of England has asked banks and other financial institutions, such as hedge funds, to provide it with contingency plans in the event of Britain trading with the EU under World Trade Organisation rules - what some have described as a "hard Brexit".

That would mean banks based in the UK losing special passporting rights to operate across the EU.

The EU could also impose other "locations specific" regulations such as where trading in trillions of pounds worth of euro-denominated financial insurance products has to be based.

That could mean trading jobs moving to Paris or Frankfurt.

Bank of England believes Brexit could cost 75,000 finance jobs - BBC News

Not to worry - at least shaunbhoys' job of peeling humanitarian EU potatos is safe...

[greenlake]

Many jobs will move to the continent.

The European Central Bank needs thousands of people to update all the banknotes....

[MarillionFan]

Short London property funds, you know it makes sense

[NorthWestPerm2Contr]

Don't worry guys! We will have £350 million extra per week to spend on the NHS!

It will all be worth it! Promise!

[original PM]

'I understand senior figures at the Bank really could not give a damn about any other human being but themselves and will quite happily make a living stamping on the skulls of your children.'

And for that reason the sooner they fook off the better.

[sasguru]

'I understand senior figures at the Bank really could not give a damn about any other human being but themselves and will quite happily make a living stamping on the skulls of your children.'

And for that reason the sooner they fook off the better.

And if they do, and Britain's largest industry is reduced by a significant amount, whose taxes are going to pay for the NHS, police, army and so on?

[sal]

Crush the saboteurs....

[original PM]

And if they do, and Britain's largest industry is reduced by a significant amount, whose taxes are going to pay for the NHS, police, army and so on?

Oh so as long as they have money it is acceptable for them to make a living crushing the skulls of the poor then?

[sasguru]

Oh so as long as they have money it is acceptable for them to make a living crushing the skulls of the poor then?

DId you fall on your head last night? You really should take care, you're not over-gifted in the brains department to start with.