BoE's Bailey: Around 5,000 to 7,000 finance jobs have migrated to EU because of Brexit

Eren Sengezer FXStreet

While testifying before the Treasury Select Committee on Wednesday, Bank of England (BoE) Governor Andrew Bailey said that markets were broadly expecting the Brexit deal that the UK reached with the EU, per Reuters.

Additional takeaways

"We are already seeing that a certain amount of financial services business is having to migrate to the EU."

"Around 5,000 to 7,000 finance jobs have migrated to the EU because of Brexit."

"Important that we have open markets, fails to see why people should want otherwise in EU-UK financial services trade."

"Sensible that the UK and the EU are both transparent about financial services rule changes."

Market reaction

The GBP/USD pair showed no immediate reaction to these remarks and was last seen losing 0.43% on the day at 1.3565.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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