Britain’s financial services minister said he would do all he can to ensure that the City of London continues to be major financial centre after Britain leaves the European Union, although thousands of jobs will move to the continent.
John Glen told MPs that he agreed with Bank of England estimates that 5,000 financial services jobs will have moved to continental Europe by the time Britain is due to leave the EU next March.
“My sole objective in respect of the City is to ensure as much continuation as possible in respect of economic value able to be generated by the City,” Glen told a committee in parliament’s House of Lords.
“We have not seen wholesale moves of large institutions to other cities in continental Europe,” Glen said.
He “fully expects” that Britain and the EU will agree on a deal that would introduce a transition period from next March to avoid a disorderly Brexit.
A no-deal Brexit, however, might not necessarily be as hostile and difficult as some might anticipate, he added.