Brexit 'could cost up to 75,000 jobs in financial services’, Bank of England says

Frankfurt is largely seen as the most popular destination for jobs leaving the UK, with Paris, Dublin, Brussels and Madrid other contenders

The Bank of England believes that up to 75,000 jobs could be lost within the financial services industry as a result of Brexit, the BBC reported on Tuesday.

Citing senior figures, the broadcaster reported that the Bank was using the 75,000 number as a “reasonable scenario”, based on a situation under which no specific financial services deal is struck between the UK and the EU.

The BBC also reported that the number could change depending on the final trading relationship agreed between the two sides. Many jobs would likely move from the UK to the continent, the BBC said.

The Bank of England was not immediately available for comment when contacted by The Independent.

Several figures have been touted in relation to possible Brexit-related job losses over the last year.

A Reuters survey of firms employing the bulk of workers in international finance showed last month that around 10,000 finance jobs would likely be shifted out of Britain or created overseas in the next few years if the UK is denied access to Europe’s single market.

Frankfurt is largely seen as the most popular destination, with Paris, Dublin, Brussels and Madrid other contenders.

The BBC on Tuesday reported that the Bank of England believes the 10,000 jobs figure is likely to be the “day one” of Brexit number if no deal is struck.

In January, the chief executive of the London Stock Exchange, Xavier Rolet, said that Brexit could cost the City of London up to 200,000 jobs if the Government fails to provide a clear plan for post-Brexit operations.