Britain's finance industry could lose 10,000 jobs on the first day after the country leaves the European Union, the Bank of England warned Wednesday, as it urged the government to swiftly reach a transitional deal to smooth out the process. Sam Woods, the central bank's deputy governor for prudential regulation, told a parliamentary hearing that he expected 10,000 job losses on "day one" of Brexit. Many firms in the financial sector are worried about the implications of Britain's exit from the European Union, which is due in March 2019. He said that the actual number would depend on firms retaining automatic rights to operate in the rest of the EU and whether Britain agrees on a transition deal. Woods said helping to deliver an orderly transition was the "number one priority for us."

Source: ABC News November 01, 2017 10:51 UTC