Economy

Brexit could cost United Kingdom 10000 finance jobs

Brexit could cost United Kingdom 10000 finance jobs”

About 10,000 finance jobs will be shifted out of the United Kingdom or created overseas in the next few years if Britain is denied access to the European Union's single market, according to a survey of worldwide firms.

The survey found that Frankfurt was the most popular destination for new roles, followed by Paris as the second city.

Almost half of the 123 firms polled by Thomson Reuters, among which were banks, insurers, asset managers, private equity firms and exchanges, said they would have to move staff or restructure their businesses due to Brexit.

What's more, the report reveals an overwhelming majority of United Kingdom retailers (90 per cent) said it is impossible to predict what skills will be needed in the industry in five years' time, whilst seven in 10 predict that customers will be shopping in an entirely different and unforeseen way.

The companies, which collectively employ 500,000 people in the UK and 600,000 people in the European Union, said that they need to make decisions now about investment and employment that will affect economic growth and jobs in the future, in a letter addressed to UK Brexit Secretary David Davis and European Union chief negotiator Michel Barnier and published on Sunday on the Confederation of British Industry's (CBI) website. Bank of America said it would pick Dublin, the capital of Ireland, as its European Union hub if there was a hard Brexit.

Britain is yet to put forward a figure to meet its financial obligations to the European Union when it leaves the bloc, now set for Mar 29, 2019.

However, senior executives in London say the true impact of Brexit will only become clear in ten or twenty years because most firms are implementing a two-stage contingency plan.

Ending jurisdiction of the European Court of Justice (ECJ) in Britain was a key rallying cry of pro-Brexit campaigners ahead of last year's referendum on EU membership, along with calls to cut migration to the country. The United Kingdom formally triggered the Brexit process on March 29 and divorce negotiations officially began on June 19.



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