The Bank of England believes that up to 75,000 jobs could be lost in financial services following Britain’s departure from the European Union. I understand senior figures at the Bank are using the number as a “reasonable scenario”, particularly if there is no specific UK-EU financial services deal. The number could change depending on the UK’s post-Brexit trading relationship with the EU. But the bank still expects substantial job losses. Many jobs will move to the continent. The Bank of England has asked banks and other financial institutions, such as hedge funds, to provide it with contingency plans in the event of Britain trading with the EU under World Trade Organisation rules – what some have described as a “hard Brexit”. That would mean banks based in the UK losing special passporting rights to operate across the EU. The EU could also impose other “locations specific” regulations such as where trading in trillions of pounds worth of euro-denominated financial insurance products has to be based. That could mean trading jobs moving to Paris or Frankfurt. There have been a number of studies on the potential employment impact of Brexit. A poll of more than 100 finance firms by Reuters suggested the number of job losses would be just below 10,000 in the “few years” following Brexit. I understand the bank believes the 10,000 jobs figure is likely on “day one” of Brexit if there is no deal. The Brussels-based think tank, Bruegel, said that over time 30,000 jobs could move to the continent or be lost as London’s financial sector shrinks.