Major job loss warning

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Bankers, legal and professional services.

The Bank of England has asked firms to submit contingency plans for a "no deal" Brexit, the BBC has reported.

The bank is expecting up to 75,000 job losses in the event that there is no deal between the UK and EU financial services sector.

Read more: Grayling says 'rapid progress' is being made on post-Brexit aviation deals

The number is the bank's "reasonable scenario", according to the BBC, but it is thought it could vary depending on how negotiations progress.

The bank's estimate applies to the next three-to-five years. It concludes that up to 40,000 jobs would be lost directly from financial services, and the rest would be lost in the legal and professional services sector.

Lobby groups such as TheCityUK have warned that the EU should not seek to diminish the UK as a financial centre in Brexit talks.

They have argued that the EU would not benefit if it weakens the Square Mile, as jobs would likely move to Singapore and New York rather than European cities such as Frankfurt.

Full story: Bank of England warns 75,000 jobs at risk if no deal Brexit goes ahead: City A.M.

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