Sky News - 5,000 jobs will have gone

London City Skyline

But the good news is that the job loss projections are down from 10,000.

Sky News reports that Britain's financial services minister has backed an estimate by the Bank of England that the financial services sector will have lost 5,000 jobs to Europe by day one of Brexit.

John Glen admitted that uncertainty was taking its toll on the City but told the House of Lords committee on EU financial affairs that he was doing everything possible to ensure it retains its place as a major global financial centre.

The Bank of England has been downplaying its expectations of job losses in the sector.

It initially pencilled in 10,000 to have gone by 29 March 2019 but this summer said the number might be fewer than 5,000.

Glen backed the figure but told peers that there were "many caveats" to that outlook, while stressing the importance of safeguarding the global role of the sector, which yields £72bn in taxes which are vital to investment in public services.

Hit the link below to access the complete Sky News articles:

5,000 City jobs will go by Brexit day - financial services minister John Glen

Trump takes aim at 'crazy' Fed as markets sink following US slump

 

 

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