The City of London Corporation\u2019s policy chairman Mark Boleat has warned that the City\u2019s international banking workforce could fall by 20% post Brexit.<\/p>\n
Speaking at the CBRE Market Insight Series this morning, he cited City UK research revealing that the range of possible job losses as a result of Brexit is 2,000 to 75,000.<\/p>\n
However, pressed by Oxford Properties president Blake Hutcheson, who said Canadian banks were telling him they were looking at a circa 20% workforce reduction, Boleat said: \u201cI think that\u2019s a fair assessment for quite a few international banks, yes.\u201d<\/p>\n
CBRE researchers said London would continue to prosper because of its resilience, scale, population, innovation and civic design.<\/p>\n
In the financial services sector, London is the biggest global market for derivatives traded over-the-counter (49% of market share). London\u2019s foreign exchange market is the largest in the world, accounting for 41% of global turnover, more than New York and Tokyo combined. London also originates more cross-border bank lending than any other country, accounting for 20% of the global market.<\/p>\n
Access to the single market, labour and funding were the three key concerns for London\u2019s businesses during the Brexit negotiations, CBRE\u2019s head of central London research Kevin McCauley said.<\/p>\n
Grainger chief executive Helen Gordon said her key concerns ahead of the Autumn Statement included the impact of the London Living Rent, land release and stamp duty reform.<\/p>\n
Professor Trevor Williams, chief economist at Lloyds Banking Group, said that access to a pool of international talent was vital for the continued prosperity of the capital.<\/p>\n
He said: \u201cThere\u2019s a reason why London is attractive to so many firms that locate here. It is because they have a talent pool they can draw on that is international in scope. That will be removed if there are restrictions on it.<\/p>\n
\u201cAnd there\u2019s going to be a drip-drip effect. When you begin to notice it, it\u2019s too late. So I think there are some challenges ahead.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The City of London Corporation\u2019s policy chairman Mark Boleat has warned that the City\u2019s international banking workforce could fall by 20% post Brexit. Speaking at the CBRE Market Insight Series this morning, he cited City UK research revealing that the range of possible job losses as a result of Brexit is 2,000 to 75,000. However, […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,1],"tags":[],"class_list":["post-2069","post","type-post","status-publish","format-standard","hentry","category-news","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-xn","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/2069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=2069"}],"version-history":[{"count":0,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/2069\/revisions"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=2069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=2069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=2069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}