According to the Bank of England – 75,000 jobs could be cut in the financial industries, following the UK’s departure from the EU.
Their senior figures are a ‘reasonable scenario, especially if there’s no specific United Kingdom and European Union financial services deal.
However, this figure could in fact change, dependant on the UK’s post Brexit trading deal – but experts do state that there will be “substantial job losses.”
The Bank of England has asked banks and other financial institutions, such as hedge funds, to provide it with contingency plans in the event of Britain trading with the EU under World Trade Organization rules – what some have described as “a hard Brexit.“
This would mean banks based in the United Kingdom would loose special ‘passporting’ rights to operate across the European Union.