The overwhelming majority of financial services professionals warn that a no-deal Brexit will harm UK financial service sector jobs, according to a survey by the Chartered Institute for Securities & Investment.
The professional body said that in a survey of over 1,000 professionals, 86% believe that in the event of a no-deal Brexit there would be a “negative” impact on jobs in the sector, while 8% believe the response would be “neutral” and just 6% anticipate a “positive” impact.
Among those who expected it to be detrimental to the sector, respondents cited a loss of passporting rights as an issue, a lack of confidence in the markets and the advent of new law, procedures and regulations as potential hurdles for the job market.
In addition, respondents warned that a no-deal Brexit will increase the trend to use offshore/onshore service providers with most work offshore.
Simon Culhane, CEO, CISI, says: “This survey demonstrates a real belief amongst our members that the financial sector is seriously going to suffer in a post Brexit world. For the UK, this should ring alarm bells as 1 in 14 UK-based workers (over 2.3 million people) are employed in financial and related professional services, with two-thirds outside London. So the potential for a no-deal Brexit to cause damage to jobs in the sector is huge.”
