The Bank of England has told financial firms to prepare for a no-deal Brexit which may lead to 75000 job losses in the sector.
The predicted number comes from an anticipated scenario where financial services lose their right to trade across the EU after the UK has experienced a ‘hard Brexit’.
Many of these jobs may instead move to the continent, most likely to Paris or Frankfurt.
This number is all dependent on the Britain’s new trading deal with the EU, but significant job losses are expected regardless of the result of negotiations.
Britain has over 1 million financial services jobs, and would steal be a leader as a financial centre, even with these predicted losses.
The Bank of England has requested that banks and other companies in the financial sector provide it with their contingency plans in the event of a hard Brexit.