Brexit job claims ‘plau­si­ble’

Irish Independent - Business Week - - BUSINESSWEEK -

JOB losses to­talling 75,000 in bank­ing and in­sur­ance be­cause of Brexit are “plau­si­ble”, Bank of Eng­land deputy gov­er­nor Sam Woods said yes­ter­day.

Woods told politi­cians at West­min­is­ter 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.

Mean­while, Bar­clays Bank has been forced to put plans in place for deal­ing with Bri­tain’s di­vorce from the EU with­out clar­ity on how po­lit­i­cal ne­go­ti­a­tions will go, CEO Jes Sta­ley said yes­ter­day.

The Bri­tish lender said in July that it was talk­ing to Ir­ish reg­u­la­tors about re­li­cens­ing all of its branches in Eu­rope so they be­come part of their Ir­ish busi­ness but they are hav­ing to make these changes with­out clear di­rec­tion from Lon­don or Brus­sels, he said.

INM Tech­nol­ogy Ed­i­tor Adrian Weck­ler with Tanaiste and Min­is­ter for Busi­ness, En­ter­prise and In­no­va­tion Frances Fitzger­ald and Stephen Rae, Group Ed­i­tor-in-Chief, INM, at the Dublin In­for­ma­tion Sec 2017 sem­i­nar in the RDS. Photo: Tony Gavin

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