London Expects to Lose 5.000 Financial Services Jobs After Brexit

Forex News

Britain has already lost thousands of jobs because of Brexit. Last month it was reported, that as few as 630 UK-based finance jobs had already been shifted or created overseas with just six months to go before Brexit. France has said it expects London to remain a major financial center.

John Glen (Britain's financial services minister) said he would do all he can to ensure the City of London remains a major financial center. John Glen told that he agreed with Bank of England estimates that 5.000 financial services jobs will have moved to continental Europe by the time Britain is due to leave the European Union next March. The minister also stated, that he fully expects that Britain and the EU will agree on a deal that would introduce a transition period from next March to avoid a disorderly Brexit.

Britain's financial sector generates more than 70 billion pounds ($92 billion) in tax revenues, with the EU its biggest single export market. Glen said the government was focusing on trying to secure a bilateral agreement with the EU to get regulatory equivalence between the UK and the bloc.