The Guardian: Brexit: City of London will lose 10,500 jobs on day one, says EY

11 December 2017

City firms plan to move 10,500 jobs out of the UK on “day one” of Brexit, with Dublin and Frankfurt the financial centres most likely to benefit from the UK’s departure from the EU.

The job tracker compiled by the accountants EY, which counts job announcements to the end of November, found that the number of roles likely to be affected had fallen from estimates of 12,500 a year ago. But it also concluded that the jobs being affected by Brexit were not just the “back office” ones initially forecast, but “front office” staff who deal directly with clients.

Omar Ali, EY’s UK financial services leader, said Friday’s announcement of a first-stage deal, allowing talks to move on to trade, had sent “a wave of relief across the City”.

“It signalled an intention to agree a transitional period as early as possible next year and the starting point for negotiations on future trade deals, both of which are fundamental to avoid adding any additional risks to the system and for the future strength of the UK financial services industry,” said Ali. [...]

EY said that since the July 2016 referendum 31% of the 222 companies it was tracking have said they are considering or have confirmed the movement of some of their operations and/or staff out of the UK.[...]

Full article on The Guardian


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