5,000 financial jobs to leave UK for Continent
ABOUT 5,000 financial services jobs are expected to leave Britain by Brexit day next March, the City minister in the Treasury has said.
John Glen told MPs he would do all he could to prevent larger numbers relocating, but agreed with a Bank of England projection that 5,000 would move to the Continent initially.
The warning came as City watchdog the Financial Conduct Authority (FCA) published more than 900 pages of preparatory work for a no-deal Brexit, as part of two separate consultations with financial firms running until December.
Separately it emerged that lenders have been asked by the Bank of England to provide six-hourly checks on balance sheets in the days after any no-deal Brexit to help avert a cash crunch for consumers and companies.
Mr Glen told a House of Lords committee: “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.”
He “fully expects” the UK and EU to strike a deal to introduce a transition period, but said a no-deal outcome may not be as hostile and chaotic as some anticipated.
He said City firms’ annual tax contributions to the Treasury were at stake. “That figure of £72.1bn is necessary as we increase investment in public services and we need that money.”
The FCA consultation covered amendments to rules governing banks, investment firms and other financial services companies.
The watchdog insisted no big policy changes would be needed, with most areas covered by a temporary authorisation offered to EUbased companies operating in the UK for up to three years.