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10,000 jobs in finance sector will outflow from the UK due to Brexit

About 10,000 jobs in finance sector will be redeployed from UK to other countries in the coming years in case Britain is separated from the single market of the EU, as a Reuters survey of companies involved in hiring most of finance workers shows.

The leading competitor that could take over was Frankfurt, and Paris took a second place though far behind the German city, as the survey discovered. These were interviews by email and phone conducted from late August to mid-September, several weeks after firms presented their strategy on preparatory measures in relation to Brexit to the BoE on July 14.

The BoE refused to make any comments vis-à-vis the survey results. Close to 50% out of the surveyed firms said they’d need to relocate staff or make reforms of their companies due to Brexit, which has to happen in March 2019.

One third responded that the event would have no effect on them, the rest of the companies were in the process of deciding or gave no comments.

The amount of jobs to be redeployed or generated in other countries was calculated using the responses from 39 firms with the workforce of 350,000 people at the minimum. UK finance sector includes near 1.1 million people.

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