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Up to 5,000 City jobs to go before Brexit day next March, says minister

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    Up to 5,000 City jobs to go before Brexit day next March, says minister

    Around 5,000 financial services jobs are expected to leave the UK by Brexit day next March, the City minister in the Treasury has said.

    John Glen told MPs he would do all he could to prevent larger numbers relocating, but said he agreed with a Bank of England projection that 5,000 would move to the Continent initially.

    The warning came as City watchdog the Financial Conduct Authority (FCA) published more than 900 pages of preparatory work for a 'no deal' Brexit, as part of two separate consultations with financial firms that are running until early December.

    "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," Mr Glen told a committee at the House of Lords.

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

    Mr Glen said he "fully expects" the UK and EU to strike a deal to introduce a transition period, but said a 'no deal' outcome may not be as hostile and chaotic as some anticipated.

    The FCA consultation covered a range of amendments to rules governing banks, investment firms and other financial services companies.

    Nausicaa Delfas, executive director of international at the FCA, said: “The FCA is planning to be ready for a range of scenarios.


    Up to 5,000 City jobs to go before Brexit day next March, says minister

    Fook the City (c) Boris

    #2
    <brexiteer answer> they are bankers who cares?</brexiteer answer>

    Comment


      #3
      No probs the fruit farms are desperate for workers. It's a healthier outdoor lifestyle.
      I'm alright Jack

      Comment


        #4
        This is the new economy, out go the banks and the multinationals, in come the fruit farms, small fishing boats and small motor torpedo boats to defend the small fishing boats.
        I'm alright Jack

        Comment


          #5
          I have strong evidence from my contacts in IB that this is happening.
          It's also happening massively in pharma consulting - I am an anecdotal example.
          As the more high paying jobs in Britain's biggest industries go, the consequence will that there will eventually be a shortfall in public finances.
          Hard Brexit now!
          #prayfornodeal

          Comment


            #6
            Expected to leave, so just a guess then.

            How many jobs will be created in the City to handle Brexit?

            I'd guess at least 10X that figure.

            As it is all guesswork, I guess we will have more sunshine after Brexit.

            Comment


              #7
              Originally posted by DimPrawn View Post
              Expected to leave, so just a guess then.

              How many jobs will be created in the City to handle Brexit?

              I'd guess at least 10X that figure.

              As it is all guesswork, I guess we will have more sunshine after Brexit.
              Who will do them? Looking at the intelligence quota on here then it definitely ain't looking rosy

              Brexit is having a wee in the middle of the room at a house party because nobody is talking to you, and then complaining about the smell.

              Comment


                #8
                Originally posted by DimPrawn View Post
                Expected to leave, so just a guess then.

                How many jobs will be created in the City to handle Brexit?

                I'd guess at least 10X that figure.

                As it is all guesswork, I guess we will have more sunshine after Brexit.

                You're right, there's an element of guesswork.
                The guesswork involves how much Brexit will hurt Britain.
                It's not a question of if.
                Brexiters talk about waiting for the "deal", ignoring the fact that this is the first deal in modern Western history that's deciding how to limit trade.
                So unless you're a thicko, which as I've noted before, Brexiters are, the consequences are pretty obvious.

                But, hey ho, as every parent knows, sometimes you must let the children get their way, so that they learn.
                Hard Brexit now!
                #prayfornodeal

                Comment


                  #9
                  Originally posted by DimPrawn View Post

                  How many jobs will be created in the City to handle Brexit?
                  More precisely, that's a specific Brexit delusion.
                  The delusion that London is somehow special just because it is. And therefore will continue, regardless.
                  It's clear to me you've never worked in the square mile, otherwise you wouldn't be so deluded/ignorant/idiotic.
                  Why do you think London has been, till now, something special?
                  Serious question.
                  Hard Brexit now!
                  #prayfornodeal

                  Comment


                    #10
                    On a plus side there will be plenty of jobs created in the City after the Second Referendum (on joining the EU) - every keyboard will need tobe changed to erase £ sign, because Brexiteers will have killed the Sterling, well done chaps.

                    Midlands will be busy changing cars to have steering wheel on the right side (which is on the left).

                    Comment

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