LONDON, Oct 15 (Reuters) - Britain’s vast financial services industry will lose more jobs to Europe over the coming years because of Brexit, the City of London’s policy chief told Reuters, warning people not to be duped by the low number of job moves to the continent so far.
The City of London, home to global foreign exchange, bonds and fund management operations and to more banks than any other financial centre, faces upheaval as firms decide whether to shift jobs to continental Europe to keep serving customers there after Britain is scheduled to leave the EU in two weeks.
Catherine McGuinness, the political leader of the financial district’s municipal body, warned that the country’s biggest export sector and biggest source of corporate tax has no “God given right” to global pre-eminence in finance.
“The announced job moves at the moment are fairly low. We would expect those to go up,” McGuinness said in an interview in a room off the local government’s seat of power in the medieval Guildhall. “It’s not the end of the story. This is a moment of high risk for the City.”
Since Britain voted to leave the European Union three years ago, London’s financial services industry has been jolted by the prospect of ending four decades of regulatory integration and losing access to the bloc in one fell swoop later this year.
Reporting by Huw Jones and Andrew MacAskill, editing by David Evans