Bank of England’s Woods says 75,000 Brexit finance job losses ‘plausible’

Job losses totalling 75,000 in banking and insurance because of Brexit are “plausible”, Bank of England Deputy Governor Sam Woods said on Wednesday.

Woods told lawmakers that the 65,000 to 75,000 estimate was drawn up by consultants Oliver Wyman and not the Bank of England, but that it was within a “plausible range of scenarios”.

Woods also told a House of Lords committee that it was reasonable to expect that the UK financial sector will have lost about 10,000 jobs on “day one” of Brexit when Britain leaves the European Union in March 2019.

“It’s a moving feast,” Woods said.
Source: Reuters ((Reporting by Huw Jones, editing by David Milliken))

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