Britain’s City minister has agreed with estimates that about 7,000 jobs moved from the Square Mile to the EU after Brexit, but added that the financial services sector “has not experienced the haemorrhaging” of roles that many had anticipated.
John Glen, economic secretary to the Treasury and City minister, said on Tuesday that he broadly accepted calculations by consultancy group EY that thousands of financial services jobs had been transferred from the British capital to rival European cities due to the UK leaving the bloc.
Speaking before the House of Lords European affairs committee, which is holding an inquiry into the UK-EU relationship in financial services, he added that the figures were similar to those used by the government and Bank of England.