City of London leader sees 3,500-12,000 finance jobs lost due to Brexit

Catherine McGuinness, Chairman of the Policy and Resources Committee of the City of London Corporation, poses for a photograph in London, Britain, January 17, 2018. — Reuters pic
Catherine McGuinness, Chairman of the Policy and Resources Committee of the City of London Corporation, poses for a photograph in London, Britain, 17, 2018. — Reuters pic

LONDON, July 24 — About 3,500 to 12,000 financial services jobs will move from Britain to the European Union in the short term due to Brexit, the City of London financial district’s leader said today.

Many more jobs could disappear in the longer term, Catherine McGuinness told parliament’s Exiting the European Union Committee.

“We are not expecting a big Brexodus in the first instance. But depending on how things pan out… In the longer term we may see many more go,” she said.

Banks, insurers and asset managers in Britain are opening hubs in the EU ahead of Britain’s departure from the EU next March to ensure continuity in services to customers there. — Reuters



Source: The Malay Mail Online





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