Devdiscourse
Development News Edition
Give Feedback
VisionRI - Urban Development

UPDATE 1-Britain expects 5,000 financial services jobs to leave by Brexit Day

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.


Devdiscourse News Desk United Kingdom
Updated: 10-10-2018 15:33 IST
UPDATE 1-Britain expects 5,000 financial services jobs to leave by Brexit Day

"We have not seen wholesale moves of large institutions to other cities in continental Europe," Glen said. (Image Credit: Twitter)

Britain's financial services minister said he would do all he can to ensure that the City of London continues to be major financial centre after Britain leaves the European Union, 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 continuity as possible in respect of economic value able to be generated by the City," Glen told a committee in parliament's House of Lords.

"We have not seen wholesale moves of large institutions to other cities in continental Europe," Glen said.

He "fully expects" that Britain and the EU will agree on a deal that would introduce a transition period from next March to avoid a disorderly Brexit.

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

(With inputs from agencies.)

COUNTRY : United Kingdom

POST A COMMENT