Brexit could lead to 75,000 job losses in financial services, research conducted on behalf of the Bank of England has found.
FTAdviser understands the central bank hired a consultancy firm, Oliver Wyman, to examine a variety of scenarios around the UK’s exit from the EU.
One of the scenarios found that 75,000 jobs could go, depending on the outcome of the negotiations between the UK government and the EU.
Sam Woods, deputy governor for Prudential Regulation at the Bank of England, had previously said 10,000 jobs could go in the short term as a worst case scenario.
He said 10,000 was a number slightly higher than the central bank's own numbers indicate, but within the range of possible outcomes.
Mr Woods view at that time was that 10,000 was at the upper end of the central bank’s estimate for job losses in the short term.
The 75,000 figure is based on an analysis of longer-term scenarios, and so mired in a greater level of uncertainty than the 10,000 number.
David.Thorpe@ft.com
