Thousands of finance roles are set to leave Britain – will Singapore reap the benefits?
As many as 10,000 finance jobs are seen to be shifted out of Britain or created overseas upon its exit from Europe’s single market, a Reuters survey found.
Popular destinations were Frankfurt and Paris.
Reuters interviewed 123 firms –banks, insurers, asset managers, private equity firms and exchanges – in Britain about their plans in case of a “hard” Brexit. The responses were made via email or telephone between August 21 and 15 September.
The number of jobs to be moved or created overseas was based on answers from 39 companies employing at least 350,000 people.
The Bank of England required finance firms to submit their detailed plans on their Brexit preparations; deadline for the requirement was July 14. The BoE has not commented on the results of the survey.
Brexit is due to take place in March 2019.
London’s status as Europe’s premier financial hub is one of the biggest issues in Brexit. The sector is the UK’s biggest source of corporate tax revenue. About 1.1 million people work in the financial sector.
Almost half of the surveyed companies said they would have to restructure their business or move their staff.
A third of the firms said Brexit would have no impact, while the balance said they were not done planning or declined to comment.
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Popular destinations were Frankfurt and Paris.
Reuters interviewed 123 firms –banks, insurers, asset managers, private equity firms and exchanges – in Britain about their plans in case of a “hard” Brexit. The responses were made via email or telephone between August 21 and 15 September.
The number of jobs to be moved or created overseas was based on answers from 39 companies employing at least 350,000 people.
The Bank of England required finance firms to submit their detailed plans on their Brexit preparations; deadline for the requirement was July 14. The BoE has not commented on the results of the survey.
Brexit is due to take place in March 2019.
London’s status as Europe’s premier financial hub is one of the biggest issues in Brexit. The sector is the UK’s biggest source of corporate tax revenue. About 1.1 million people work in the financial sector.
Almost half of the surveyed companies said they would have to restructure their business or move their staff.
A third of the firms said Brexit would have no impact, while the balance said they were not done planning or declined to comment.
Related stories:
Bonus gains expected by more than 33% of London finance staff
What are the biggest barriers to working abroad?
