A third of City workers reckon their employers might move abroad because of Brexit

 
Emma Haslett
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Workers in the financial sector believe they may move abroad (Source: Getty)

A third of City workers reckon say their employers might be planning to relocate after the Brexit vote, a new study has found.

The survey, by Morgan McKinley, found 31 per cent of those in the Square Mile believe their bosses either definitely are or might be moving parts of their business abroad.

Just under half said their employers had no plans, while 21 per cent weren't sure.

There was bad news for the UK's skills gap - 62 per cent of workers said they'd consider moving abroad for work, although 38 per cent said they'd rather not.

Those in younger age groups seemed particularly keen - 77 per cent of under-24s said they'd be up for moving abroad for work, while 65 per cent of 25-44 year-olds were also keen.

It also seems City workers are, on the whole, Remainers - 68 per cent of those surveyed said they don't think the outcome of the EU referendum was the right decision for the UK, compared with a quarter who said yes, and seven per cent who weren't sure.

In October a top Bank of England official warned that New York could poach some of the capital's financial services firms if the UK does not secure a good Brexit deal.

Jon Cunliffe, deputy governor with responsibility for financial stability, said because such a "large and complex [financial services] ecosystem" exists in New York, "some of the things that happen in London [could] transfer to New York if they no longer happen here".

And in October, bosses at Citigroup warned they will relocate 10 per cent of its UK workforce if the government is unable to secure so-called passporting rights for financial services firms.

A number of big banks, including HSBC and JP Morgan, have said that losing passporting rights, which allow UK-based firms to carry out business in other EEA countries and vice versa, will force them to shift staff outside of the UK.

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