The lack of clarity, the fear of job losses, and just generally the overall impact to the UK economy are among the key things hounding the British public as the country nears its imminent break-up with the European Union. But it seems some of the worries have been eased following the Bank of England’s pronouncement in the presence of the House of Commons’ Exiting the EU select committee – at least, to a point.
At an evidence session yesterday aimed at examining the implications of Brexit for financial services, Bank of England deputy governor Sam Woods revealed a “slight downward drift” from his previous 10,000 estimate of financial job losses in the UK. The Times cited Woods as revising that approximation to somewhere towards the lower end of a 5,000-10,000 window.
“It is also the case that, in round numbers, maybe about 20% of those will simply be new jobs,” the report quoted the bank official as saying. “So they’re not all jobs moving out of London, but most of them will be.”
Among the attendees of the session was UK Finance chief executive Stephen Jones, who concurred with Woods.
“They may be new jobs created in continental Europe, without necessarily displacing jobs here,” said Jones, as quoted by a Reuters report.
In the meantime it remains to be seen what kind of trade deal would be agreed between the divorcing parties. Until then, it looks like the UK just has to be on its toes.