The Bank of England is said to be expecting massive jobs losses in the financial sector after the U.K. leaves the European Union.
The central bank expects as many as 75,000 jobs to be lost, according to reports from the BBC, with senior officials using the figure as a "reasonable scenario" especially if the U.K. crashes out of the bloc in March 2019 without a deal.
The Bank of England over the summer asked financial institutions to provide it will contingency plans in the event that no deal is agreed.
The BBC reports that the Bank is preparing for substantial jobs losses, with many expected to move to Europe. The financial services sector will be hard hit in the case of no deal, or a Hard Brexit, as they will lose their passporting rights to operate across the EU.
The reports will likely add to the criticism of the bank's governor Mark Carney, who has been accused by pro-Leave lawmakers of as orchestrating "project fear" surrounding Brexit, giving dire warnings about the impact of the U.K. leaving the European Union.
Goldman Sachs (GS) - Get Report CEO Lloyd Blankfein has been tweeting about Brexit over the past two weeks, saying he would be spending a lot more time in Frankfurt and that the company hoped to fill up its new European headquarters in London.
The Bank of England's post-Brexit expectations comes as consumer confidence in the U.K. is dampening as uncertainty over Brexit takes hold - and just days ahead of a key policy meeting where it is expected to lift rates from a record low in order to tame inflation it says has been stoked by the pound's steep post-Brexit vote decline.
British consumers were slightly more gloomy in October, according to a closely watched index from GfK, with the consumer sentiment index coming in at -10 this month compared with -9 in September, hovering at a three-year low.
"It's no surprise that the Overall Index Score continues to bump along in negative territory this month. As concerns about the wider economic prospects for the UK economy dampen our outlook, consumers are showing no real 'get-up-and-go'," GfK Head of Market Dynamics Joe Staton said in a statement.
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