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A third of London's City workers could face relocation in wake of Brexit - survey

25 November 2016  |  18514 views  |  0 London - Big Ben

Almost one in three workers in London face an uncertain future over their employer's plans to relocate the business.

This was the finding of a survey carried out by recruitment agent Morgan McKinley which interviewed more than 5,000 professionals in London.

The study, which focused on the banking, financial services and professional services sectors found that while the overwhelming majority (68%) disagreed with the 'leave' referendum result, just less than half (48%) were confident that their employer had no plans to relocate their bsuiness elsewhere within Europe.

Almost a third of respondents (31%) said that their employer is either committed to or considering relocating while the remaining 21% were unsure as to their company's plans.

Of the 31% of workers facing a possible relocation, 62% said that they would be happy to move or at least consider the possibility, raising the spectre of a brain drain in the City of London. In addition to other EU states, financial centres like New York are also looking to poach financial services staff from London.

City bosses are particularly concerned about the UK losing its passporting rights, which allows banks to sell the same financial products across the EU, and the implications of a hard Brexit, rather than a phased withdrawal. Citibank, HSBC and JP Morgan have all spoken about the importance of retaining these passporting rights.

Meanwhile bookmaker Ladbrokes says that the UK is odds-on to remain in Europe until at least 2020. Ladbrokes cites the recent intervention of ex-UK prime minister Tony Blair and his claim that Brexit can be stopped as the reason for the shortening of odds.

  

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