Brexit job claims ‘plausible’
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