UK min­is­ter ex­pects 5,000 fi­nan­cial ser­vices jobs to leave

Irish Independent - Business Week - - FRONT PAGE -

BRI­TAIN’S fi­nan­cial ser­vices min­is­ter has said he will do all he can to en­sure that the City of Lon­don con­tin­ues to be a ma­jor fi­nan­cial cen­tre af­ter Brexit, although thou­sands of jobs will move to the con­ti­nent.

John Glen told law­mak­ers 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 EU next March.

“My sole ob­jec­tive in re­spect of the City is to en­sure as much con­tin­u­a­tion as pos­si­ble in re­spect of eco­nomic value able to be gen­er­ated by the City,” Mr Glen told a com­mit­tee in the House of Lords. “We have not seen whole­sale moves of large in­sti­tu­tions to other cities in con­ti­nen­tal Europe,” Mr Glen said.

He “fully ex­pects” that Brit- ain and the EU will agree on a deal that would in­tro­duce a tran­si­tion pe­riod from next March to avoid a dis­or­derly Brexit.

“If there was an un­sat­is­fac­tory en­vi­ron­ment for the City of Lon­don then we would need to take ap­pro­pri­ate ac­tion to de­fend our in­ter­ests,” Mr Glen said.

A no-deal Brexit, how­ever, might not nec­es­sar­ily be as hos­tile and dif­fi­cult as some might an­tic­i­pate, he added.

Bri­tain’s fi­nan­cial sec­tor gen­er­ates more than £70bn (€80bn) in tax rev­enues, with the EU its big­gest sin­gle ex­port mar­ket.

Mr Glen said the fo­cus was on se­cur­ing a bi­lat­eral agree­ment with the EU to in­ject cer­tainty into the bloc’s ex­ist­ing sys­tem of fi­nan­cial mar­ket ac­cess known as equiv­a­lence.

Reuters

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