Hard Brexit May Cut US Bank Employment In London By One Third

Theresa May is starting to see the true implications of a “hard” Brexit, especially the pain that will be felt in the financial industry. If London loses its preferential access to the European single market, US international banks may move between a quarter to a third of their workers from London to the Continent. One estimate is that it will cost the government nearly 10 billion in revenues as well as over 70,000 jobs. Now, some of these numbers may be scare tactics or, it may be argued, that a shrinking financial sector would actually be a net positive for the British economy. But that money and those jobs will need to be made up somehow and I have a feeling that it will be a lot more difficult than the government currently thinks to do that.