Exodus of EU Bankers from London under Way ahead of Brexit, Bank of England Official Says

Exodus of EU Bankers from London under Way ahead of Brexit, Bank of England Official Says

An “exodus” of EU bankers from Britain’s capital London is under way ahead of Brexit, according to Ian McCafferty, a senior official at the Bank of England.

In addition to the departure of formerly London-based EU bankers, the numbers of bankers relocating to the British capital from the rest of the EU have declined “fallen very sharply” since the 2016 Brexit referendum, he points out.

“The number of foreign bankers coming to London has fallen very sharply over the course of the last couple of years or so,” McCafferty told Britain’s LBC in an interview.

“As they return to their native countries, they are not being replaced in anything like the same numbers,” added the member of the Bank of England’s monetary policy committee.

Analysts and economists have warned that Brexit was likely to lead to a reduction in the number of banking jobs in the UK, while a recent report by the City of London estimated that 5,000 jobs will be lost due to Britain’s exit from the EU, The Business Insider reminds.

Even though he did not cite any relevant statistics, Bank of England official McCafferty argued that the fact that Europeans were leaving London was pushing down property and rent prices since housing demand was declining.

LBC presenter Iain Dale questioned whether McCaffery was playing into “project fear” by making the comments.

“You’ve used the word “exodus”, which to my mind means a massive outflow of people… Isn’t that playing into the narrative that Brexiteers have of the Bank of England that all you’re interested in doing is playing project fear?” Dale said.

“I don’t consider an exodus as a massive outflow of people; I consider it an outflow and that’s what we have seen,” McCaffery replied.

The Bank of England have come under criticism by Brexiteers over what they have described as “project fear”, that is, that the central bank has been extremely negative about Brexit’s economic consequences.

Bank of England Governor Mark Carney has even been called “the high priest of project fear” by Conservative MP Jacob Rees Mogg.

Last week Carney commented that the chances of a hard Brexit are “uncomfortably high”.

(Banner image: Pixabay)

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