Around 10,000 jobs 'at risk' on day one of Brexit, says Bank of England

A top Bank of England official has warned that around 10,000 jobs in the UK are at risk on "day one" of Brexit.
Sam Woods, chief executive of the Bank's Prudential Regulation Authority (PRA), said it was "plausible" as many as 75,000 financial roles could be lost if no trade deal was struck with the European Union.
The estimate is not a Bank of England figure but was compiled by consultant Oliver Wyman and is in line with the regulator's thinking, as first reported by the BBC.
Half the forecast redundancies would be banking jobs, with the rest in related services such as law and accounting.
Mr Woods made the comments at a House of Lords EU financial affairs committee session in Parliament today.
He said he would be "surprised" if the number of jobs lost in the short term was as high as 10,000, but said this figure was based on firms having no replacement for passporting rights and no access to a transition period at the end of March 2019.
The PRA arrived at the figure after poring over the Brexit contingency plans submitted to it by financial firms.
Mr Woods said: "I would be surprised if it ends up being more than that for banks and insurance companies.
Around 10,000 jobs 'at risk' on day one of Brexit, says Bank of England

Sam Woods, chief executive of the Prudential Regulation Authority 
"To put that in context, that is less than 1pc of financial services jobs. It is around 2pc of UK bank and insurance jobs, or 2pc to 3pc of the City if you choose a different denominator."
Mr Woods said he agreed with the Chancellor Philip Hammond that a Brexit transition period was a "wasting asset" that lost value the longer it was not agreed.
However, he said it did not mean its value "would suddenly plummet to zero at one particular point in the calendar".
He added: "I think if a transition period was not agreed soon, but was on offer much later in the process it would still have some value, but less than it has now."
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