Brexit: City of London will lose 10,500 jobs on day one - EY

City firms plan to move 10,500 jobs out of the UK on “day one” of Brexit, with Dublin and Frankfurt the financial centres most likely to benefit from the UK’s departure from the EU.

The job tracker compiled by accountants EY found that the number of roles likely to be affected had fallen from estimates of 12,500 a year ago. But it also concluded that the jobs being impacted by Brexit were not just the “back office” ones that had initially been expected but were also “front office” staff who deal directly with clients.

The EY tracker counts the job announcements to the end of November but Omar Ali, EY’s UK financial services leader, said Friday’s announcement of an agreement with the European commission to move the Brexit negotiations on to trade discussions had sent “a wave of relief across the City”.

“It signalled an intention to agree a transitional period as early as possible next year and the starting point for negotiations on future trade deals. Both of which are fundamental to avoid adding any additional risks to the system and for the future strength of the UK financial services industry,” said Ali.

Major City firms have started to announce how they will respond to the UK’s exit from the EU after being told by the Bank of England to present contingency plans for all eventualities, including a “hard” Brexit. Last month Sam Woods, a deputy governor of the Bank, warned that 10,000 jobs could leave the City on “day one” after reviewing these plans.

Ali said that firms’ contingency plans had become more detailed over the past year. “The extent of broader strategic restructurings and relocation plans will of course ultimately depend on the specifics of any long-term UK deal with the EU, but a drop in the volume of jobs moving will be welcome news for the City”. - The Guardian