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Jobs in the finance sector face meltdown in the South West, Green MEP Molly Scott Cato has warned. She has raised the alarm as JP Morgan, the Wall Street bank, announces that 16,000 jobs – including 4,000 in Bournemouth – are at risk as a result of Brexit [1]. Dr Scott Cato, who is an economist and visited JP Morgan in Bournemouth earlier this year, believes the announcement confirms that the South West should brace itself for a post-Brexit exodus [2] of those employed in finance and related sectors. She said:
“The South West has at least 75,000 finance related jobs and the sector is especially important to Bournemouth, Swindon and Bristol [3]. A combination of push and pull factors could see a meltdown of the sector in the South West and across the UK.
“JP Morgan have highlighted that deep uncertainty over the impacts of Brexit is encouraging many firms to move jobs abroad, with the EU happy to welcome them; while EU regulations may force many roles to be shifted to the near continent anyway.
“Leaving the EU was meant to be about taking back control. It’s clear that in reality we are rapidly losing control. An ideological obsession with achieving a hard Brexit by Brexiteers in the Tory government is leading our economy over a cliff edge.”
Dr Scott Cato has repeated her call for a ratification referendum on the final Brexit deal, with the option of remaining in the EU. She said:
“It is becoming clearer by the day that the hard Brexit being pushed by the Tories; one that involves leaving the Single Market and Customs Union, will be economic suicide for the UK. When we get to the end of the negotiating process, and we see what Brexit actually means, as opposed to a series of broken promises, people must have a chance to decide whether what is on offer is better than continued EU membership.”
Notes
[1] https://www.theguardian.com/business/2017/jul/11/jp-morgan-jobs-uk-brexit-eu
[3] https://www.thecityuk.com/about-us/uk-work-programme/new-u-k-interactive-map-page/south-west/