Steve Beasant

Liberal Democrat Prospective Parliamentary Candidate for Great Grimsby and Councillor for the East Marsh Learn more

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Vince Cable: BoE says 10,000 jobs could leave City on day one of Brexit

by Steve Beasant on 1 November, 2017

10,000 jobs could leave the City of London on day one after Brexit, Sam Woods, the Deputy Governor of the Bank of England, warned today.

Mr Woods also confirmed that the long-term estimates of 75,000 job losses and billions in lost revenue by consultancy Oliver Wyman were “plausible.”

Liberal Democrat Leader Vince Cable commented:

“These latest comments reveal the scale of the damage an extreme Brexit would do to the financial sector.

“This would have severe consequences for the broader economy and our public services.

“The forecast of £10bn in lost tax revenue is equivalent to a quarter of the entire schools’ budget.

“It’s crucial we protect the UK financial sector and the tax revenue it provides from an extreme Brexit.”

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