A new study by PricewaterhouseCooper (PwC) has concluded that between 70,000 and 100,000 jobs will be lost from the financial services industry if the UK leaves the European Union.
The British public is voting in a referendum on whether to support a so-called Brexit in June 2016. The UK job sector is expected to be affected by the decision, with those in both permanent and contractor jobs in the financial services and IT sector particularly interested in the result of the vote.
The latest negative news on the Brexit come from PwC’s most recent report, which is based on research carried out by financial services industry body TheCityUK. The report said that by 2020 there would be as many as 100,000 fewer jobs in the industry compared with if the UK remains part of the EU. It went on to explain that the impact will stabilise as time passes, with a loss of between 10,000 and 30,000 jobs by 2030.
The financial sector is also expected to grow more slowly in the event of a Brexit, according to the PwC findings.
Chris Cummings, the Chief Executive of TheCityUK, said: “Major firms from across the world come to London to access Europe’s single market, bringing with them jobs and investment.
“While Brexit may not be ruinous for the UK economy, it does risk damaging the UK-based financial services sector, particularly over the short term, delaying investment decisions and reducing activity. It also threatens the overall competitiveness of the UK as a place to do business.”