Thought I'd start a new thread as this is going to be a major talking point this year...have not made up my mind yet...(unlike bucksfizz)....but thinking of voting for an exit as Europe is not doing Britain any good at all it seems....

Thought we wanted to rejig the economy?

The City could lose 10,000 jobs on day of Brexit, says Bank of England
Deputy governor Sam Woods admits forecasts of 75,000 job losses in long term are ‘plausible’

The Bank of England has warned that 10,000 jobs could leave the City on “day one” after the UK leaves the EU.

Sam Woods, a deputy governor of the Bank, also admitted that forecasts of 75,000 job losses over the long-term were “plausible” at an appearance before peers on the Lords EU financial affairs sub-committee on Wednesday.

Woods runs the regulatory arm of the Bank and based his estimate of 10,000 jobs on responses he received from 400 banks and financial firms required to provide him with their contingency plans for a hard Brexit.

He has been reviewing the plans since July and said some were being put in place – with banks reserving school places and hiring office space – but that this process would get under way “in earnest” in the first quarter of 2018.

The estimate of 75,000 job losses was made by consultancy Oliver Wyman, and based on the assumption that the UK would be left to rely on World Trade Organisation rules with no transition period after March 2019, when the UK leaves the EU.

Under this scenario, £10bn of tax revenue might also be lost, it said. The 75,000 estimate includes the knock-on effect of fewer City jobs to other parts of the economy.

Woods said this was not a Bank of England estimate, but described it as being within a plausible range of job losses that would happen in the long term if the UK left the EU without a trade deal.

He said the actual number was a “moving feast” and that the initial impact of about 10,000 roles amounted to 2% of the total employed in bank and insurance jobs, or less than 1% of financial services jobs.

Woods has previously called on the government to agree a transition deal by Christmas to give firms more certainty about Brexit and reduce risks to the financial system that may arise as companies adjust their business models to continue to be able to access the remaining 27 EU countries.

He told peers this was also important because the Bank of England had to make arrangements for EU banks and financial services firms that needed to be authorised to allow them to continue operating in the UK after Brexit.

“We will need to get going,” Woods said, warning that the changes being made would increase complexity for firms.

He was speaking the day after Andrew Bailey, the chief executive of the Financial Conduct Authority, told MPs that banks could start to make irreversible moves to transfer staff from London to rival cities in the EU unless there was clarity over Brexit by the end of the year.

Goldman Sachs has begun to implement contingency plans by taking the top eight floors of a 37-storey block under construction in Frankfurt, even though it is building a new European headquarters in London.

The US investment bank employs 6,000 staff in London and its chief executive Lloyd Blankfein tweeted this week that the decision on how many staff to keep in London was “so much outside our control”.

Political uncertainty was also mentioned by Jes Staley, chief executive of Barclays, at an event in Westminster on Wednesday. “Like all of us, we are in sway to the desires and wishes of the political bodies and I have no idea how that will go,” Staley said, according to Reuters. Barclays has said it will expand its Dublin operations to cope with Brexit.

The Brexit vote has cost each household more than £600 a year, says NIESR.

Well we know how many previous forecasts turned out to be badly wrong. I suppose it depends on whether the forecasters were 'Remain' or 'Leave' voters, all eager to promote their views.

To put that into some sort of perspective as Remembrance Sunday approaches, almost 20,000 young British men were killed on the Somme on the first day of the so called Battle of Albert. They thought they were fighting for freedom only for successive governments, led by equally stupid leaders as those during WW1, to give away willingly far more than those young men could ever have imagined.

I would prefer peace to plundering.

Mind it is OK when the price of war is paid with other peoples' lives.

I wasn't aware that the right to trade freely with your nearest neighbours, and the right to clean air and beaches was a 'willing give away', iturama.

Or maybe it's the thought of all that smelly cheese and garlic that you're objecting to?

:o)

Fancy lunch? :o)

Hilary,

Are you trying to flirt or tease me with that image?

Drive into London, Birmingham, Bradford or any major city in the UK and you will see that it is not clean beaches or even smelly cheese that people are objecting to. Nor the EEC, as it was. Successive British governments have failed to control the influx of aliens, when they should have skin in the game, what chance when a federal europe? Maybe we are all bigots as the one-eyed man said, or simply object to the fact that this country has become the cesspit of Europe. Even a one-eyed man could notice that the horde of migrants Merkel imperiously allowed in consisted predominately of able bodied young men, many of whom refused red cross parcels because of the cross on them.

Drive into London, Birmingham, Bradford or any major city in the UK and you will see that it is not clean beaches or even smelly cheese that people are objecting to. Nor the EEC, as it was. Successive British governments have failed to control the influx of aliens, when they should have skin in the game, what chance when a federal europe? Maybe we are all bigots as the one-eyed man said, or simply object to the fact that this country has become the cesspit of Europe. Even a one-eyed man could notice that the horde of migrants Merkel imperiously allowed in consisted predominately of able bodied young men, many of whom refused red cross parcels because of the cross on them.

My word is that what they serve up in prison in Euroland , no wonder they come here .

iturama,

The UK isn't in the Schengen area, so, if you let illegal immigrants in, then it's not an EU problem, and you need to take it up with your local MP to press for tighter border controls.

Similarly, you stated previously on this thread that you didn't object to EU immigration, but you did object to all the other creeds of immigrant from around the rest of the world. That's fair enough, and I don't have an issue with that opinion, but seriously, non-EU immigration has got nothing to do with the EU whatsoever.

VICTIM,

I believe they serve duck gizzard salad in prison. It's one of my favourites. :o)

Is that HP brown sauce on there .

Unfortunately my MP is Theresa May, her of strong and stable government. Agree in the most part, but many of the illegal immigrants are making their way through Europe. Now you will notice that even countries in the Schengen area are talking about border controls. Its ok when the illegals pass through but when they start to linger, even the fine-minded start to get restless.

You get many illegals in Maidenhead, iturama? Presumably they're there for the Henley Regatta?

Heaven forbid.

Being the only Brexiteer on campus , BBC . sad times really .

512 days to go , not that I'm counting.

HP Sauce?

No. Any fool can see it's Balsamic Vinegar.

The drizzler missed the salad here and there, didn't he? Clumsy oaf!