5000 jobs to go in the City by Brexit day confirms Treasury

5,000 city jobs
(Picture credit Marius_Comanescu / Shutterstock.com)

John Glen MP, the economic secretary to the Treasury and Minister for the City of London told the EU Financial Affairs Sub-Committee today that he agrees with the Bank of England’s estimate that the City will lose 5000 jobs by Brexit day. Anna Tobin reports

During his cross-questioning by the EU Financial Affairs Sub-Committee, John Glen MP said that he believes the deputy governor of the Bank of England when he said that 5000 jobs would have moved abroad from the City of London by March 29, 2019. In a big ‘but’ he did say that there were several ‘caveats’ to this, which all centred around the Government continuing to work towards a deal.

He went on to tell the Committee that several financial institutions had already set up an entity in an EU jurisdiction as part of their contingency plans.

The full meeting can be viewed on Parliament Live TV here

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