Brexit to cost UK 10,000 finance jobs on day-1, 75,000 in all: BoE governor

Job losses totalling 75,000 in banking and insurance because of Brexit are "plausible", Bank of England Deputy Governor Sam Woods said on Wednesday.

Woods told British lawmakers that the 65,000 to 75,000 estimate was drawn up by consultants Oliver Wyman and not the Bank of England, but that it was within a "plausible range of scenarios".

Woods also told a House of Lords committee that it was reasonable to expect that the UK financial sector will have lost about 10,000 jobs on "day one" of Brexit when Britain leaves the European Union in March 2019.

"It's a moving feast," Woods said.

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10,000 finance jobs in UK affected in first Brexit wave, reveals survey

Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to Europe’s single market, according to a Reuters survey of firms employing the bulk of workers in international finance.

Frankfurt was by far the most popular destination for the new roles, the survey showed, with Paris a distant second.

The results from 123 firms came from the first comprehensive public survey to ask the biggest banks, insurers, asset managers, private equity firms and exchanges in Britain about the specific details of their plans so far in case of a so-called “hard” Brexit.

Canvassing was conducted by email and telephone interviews between Aug. 21 and Sept. 15, weeks after companies submitted detailed plans on their Brexit preparations to the Bank of England as required on July 14. The Bank declined to comment on the results of that survey.

Nearly half of the companies surveyed told Reuters they would have to move staff or restructure their businesses because of Brexit, which is due to take place in March 2019. Another third said it would have no impact, and the remainder said they were still deciding on their plans or declined to comment.
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