Last year’s shock Brexit vote could result in the UK losing 30,000 finance sector jobs,
According to Brussels-based Bruegel, City of London stands to lose 10,000 banking jobs and 20,000 roles in accountancy, law and consulting, as EU clients move business worth €1.8tn (£1.6tn) to the continent after Brexit.
“Brexit involves risks for market integrity and stability, because the EU including the UK has been crucially dependent on the Bank of England and the UK Financial Conduct Authority for oversight of its wholesale markets,” states the report.
“Without the UK, the the EU27 must swiftly upgrade its capacity to ensure market integrity and financial stability.”
Nicolas Véron, a co-author, said: “What is important is for the EU27 to find its feet in the new financial system of the post Brexit landscape.”
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