You are here: Home - Household Bills - News -

Bank of England believes Brexit may cost 75,000 finance jobs

0
Written by: Chris Menon
31/10/2017
The Bank of England expect up to 75,000 jobs in the finance sector could be lost when the UK leaves the European Union (EU), according to reports.

In an article on the BBC website, the broadcaster’s economics editor Kamal Ahmed wrote: “I understand senior figures at the Bank are using the number as a ‘reasonable scenario’, particularly if there is no specific UK-EU financial services deal.”

He went on to say that, although the number is clearly dependent on the UK’s post-Brexit relationship with the EU, substantial job losses in the finance sector are apparently expected.

Despite being contacted several times, the Bank of England was unavailable for comment.

Enemy of Brexit

However, some have questioned whether this unattributable comment from Bank of England officials represents needless fear mongering and lacks economic credibility, given its rather patchy record of economic forecasting. Eurosceptic MP Jacob Rees Mogg has previously branded Bank of England governor Mark Carney as an “enemy of Brexit” after he warned quitting the EU would harm household finances.

The Brexit warning comes on the same day the Guardian reports that Gordon Brown claimed bankers should have been jailed for their fraudulent and dishonest behaviour during the financial crisis. A crisis that led to Britain’s deepest post-war recession.

In his memoirs, My Life, Our Times, Gordon Brown wrote: “If bankers who act fraudulently are not put in jail with their bonuses returned, assets confiscated and banned from future practice, we will only give a green light to similar risk-laden behaviour in new forms.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week