London will lose £10bn in revenue and thousands of jobs if a two-year transition deal is not agreed quickly, says TheCityUKUrgent progress is needed on a Brexit transition period to prevent City firms implementing contingency plans that could put up to 75,000 UK financial services sector jobs at risk, a leading industry lobby group has warned. The intervention comes as City firms start to lease office space in Frankfurt, Paris, Dublin and other EU financial centres to conduct business that they will not be able to do from London after Brexit. Ikea UK chief calls for Brexit transition period and government clarity Read moreEarlier this month, it emerged Goldman Sachs had booked eight floors in Marienturm, a 37-storey tower under construction in Frankfurt, and was reserving school places in anticipation of moving staff to the German city. It is about the very high risk of jobs, capital and inward investment leaving Europe entirely. Firms would start discounting the likelihood of a transition in the central case of their planning,” Woods had said.

Source: The Guardian October 16, 2017 22:52 UTC