UK government predicts City to lose 5,000 jobs over Brexit
Britain’s financial services minister John Glen agrees with the Bank of England's estimates that 5,000 to 10,0000 financial services jobs will be lost over Brexit.
The minister said that despite the estimates, the situation was “stable” and that he would do everything in his power to ensure that the City of London continues to be major financial hub after Britain leaves the European Union.
“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,” 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 also said he "fully expects" that Britain and the EU will agree on a deal that includes a transition period from next March to avoid a chaotic Brexit.