BOE’s Woods downplays financial job moves ahead of Brexit - Reuters
Reuters is out with some remarks delivered by the Bank of England (BOE) Deputy Governor Sam Woods in a Bloomberg interview on Wednesday.
Key Quotes:
Fewer than 5,000 financial jobs might move out of Britain by “Day One” of Brexit and future relocations will depend on new trading terms with the European Union.
“We have had an estimate for some time now of 5,000 to 10,000 jobs, which you can think of as half to one percent of jobs there are in this country in the relevant sector.”
“So a relatively small move on Day One. I think it will be at the bottom end of that range. If anything, it might be slightly below that.”
“I am obviously hoping the sides are going to come together.”
“We doing a lot of work mitigating cliff-edge risk. That work is going OK.”
“Even if things go badly, they will be robust enough to continue supplying services to UK households and businesses.”