Survey reveals finance jobs to be moved out of Britain as a result of Brexit

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21st September 2017 19:28 - Financial Services

Survey reveals finance jobs to be moved out of Britain as a result of Brexit

Survey reveals finance jobs to be moved out of Britain as a result of Brexit: Around 10,000 finance jobs are expected to either be moved or created overseas, according to Reuters’ survey.

Out of the 123 companies interviewed, nearly 50 per cent said that they plan to move or create offshore jobs if the UK is denied access to Europe's single market.

Additionally, Frankfurt and Paris were the top cities chosen for overseas relocation. Yet, one third of survey respondents said Brexit would have no impact on their current business structure or staff.

In detail, the number of finance jobs that are expected to relocate were taken from 39 firms that employ at least 350,000 members of staff. Within this, 9,777 banking jobs would be affected, 311 jobs in asset management and 98 jobs in insurance.

Of the 158 financial firms that were approached between the 21st of August to the 15th of September, data from the survey was collected from 35 of the largest firms. Most of the respondents of which were from banks, insurers, asset managers, private equity firms and exchanges based in Britain.

Currently, an estimated 1.1 million people work in Britain's financial sector, yet more jobs could also be made available, as London’s job market is showing slow signs of improvement.

Finance director of Hays, Paul Venables, said: "Where there's been a lot of public pronouncements from the banks, we've seen very little action, we're not seeing a large number of jobs go outside of the UK to Europe."

Yet former Bank of England policymaker, Robert Jenkins, said: "Brexit presents an inconvenience to their operations, but also an opportunity to wrangle tax and rule changes to stay.”

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