According to a Reuters News survey of British financial institutions, “around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to Europe’s single market.” The news comes as the U.K. looks to establish the framework of their exit from the European Union.
The results from 123 firms came from the first comprehensive public survey to ask the biggest banks, insurers, asset managers, private equity firms and exchanges in Britain about the specific details of their plans so far in case of a so-called “hard” Brexit.
Such a massive exodus would likely be accompanied by a major shift away from British investments to favour more diverse and numerous European ones. Investors who own shares in British banks such as Lloyds of London or Barclays should take note as the news will likely have affected their stocks.
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