The fallout for the UK economy and the potential loss of contractor jobs and full time positions following the Brexit vote is gathering pace.

A number of major employers, including Toyota, Ford, Airbus and investment bank JP Morgan have now said that they are considering their positions in Britain.

Thousands of UK jobs are at risk in the UK after some of the world’s largest firms warned that they could relocate their British-based operations due the Brexit result of the EU referendum.

The City of London is expected to bear a large proportion of any job losses as a result of the UK leaving the EU. The city is a major employer of contractor jobs in IT and financial services, with more than 360,000 people currently working in the financial sector alone.

Nick Elwell-Sutton from lawyers Clyde & Co told Recruiting Times: “At a more fundamental level, unless the financial services passporting rules are resolved in the UK’s favour, then many large financial services businesses are likely to relocate to within the EU, meaning large scale redundancies would be highly probable.”

JP Morgan, which is headquartered in the US, has warned that between 1,000 and 4,000 of its UK jobs could now go abroad. However, the multinational company has also said that it would retain large operations in London, Bournemouth and Scotland.

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