Will London survive brexit?

[Thomasparker10012]

I am a graduate and want to go into banking but worried what the effects of brexit will be on the financial sector in London.

I'm watching a TV programme about the plague

yesterday I watched one about the Great Fire

last week I watched one about the blitz

I lived through the 70's when London's population dropped 25%

It really depends on what you mean by “London”. The jobs will very much need to be done. Especially in areas like risk / compliance etc. But I can’t see that all companies will keep their offices IN London, I suspect there will be a head office kept there for client purposes and then will relocate to elsewhere with lower rent

Yes, London will be affected by both Brexit and Covid. To what extent and for how long, no one knows yet.

I really hope the financial sector in London doesn’t survive.

I think it’s the root of all evil.

When I was a kid, New Years Eve meant walking out into the street s of London to listen to all of the freight ships in he docks from Battersea downwards blowing their horns.

By the 80's it was just below Docklands
by the 00's the boats were gone

cities change

Much of London's financial corporations have moved to Frankfurt. I'm sure you will find a job, but the millions of options and possibilities to further your career fast will be gone.
In a few years we will be a marginal country not a hub for anything.

Working practices may change but money still makes the world go round.

Boris is showboating, there’s a deal in the pipeline surely?!

@pontypridd

I really hope the financial sector in London doesn’t survive.

I think it’s the root of all evil.

Strong opinion there. Why exactly do you think that?

The financial sector is responsible for a lot of good things you know. Pension schemes for example - would you like to see those collapse?

Also, saying you hope the financial sector collapses is like saying we should get rid of money altogether. I'm all for it but what do you replace it with?

If you are in banking, I would go to Dublin or Frankfurt or Paris.

There are about 750,000 jobs in finance in London. About 7,500 have so far moved - a few more obviously will go, but companies have planned well in advance. So a reduction of about 1% so far. I wouldn't let that change your career aspirations.

news.efinancialcareers.com/uk-en/3004551/banking-jobs-moving-brexit

What Toptotoe said. ^^

I'm really wondering if some of the answers here are pulling your leg. The complex eco-system that is the City is not about to re-locate en masse to any other commercial centre. Who knows, maybe that will happen over time but as ListeningQuietly says cities change and survive.

efinancialcareeers.com has plenty of useful articles about working in the City. So that would be a good place to start your research.

And I would recommend these two books to anyone starting out in working life...

So Good They Can't Ignore You, by Cal Newport

Talent is Overrated, by Geoff Colvin

It will change, but London has some significant advantages in its favour - namely a time zone that makes it possible to do business with apac and the us and English speaking which will remain key to global businesses. Talent attraction will be harder post brexit but I still think it's a city people will want to live in. Go for it.

I am a graduate and want to go into banking

Perhaps you should switch to journalism instead?

"Thomasparker10012 Sun 18-Oct-20 20:27:55"
"Sorry for posing two threads in the same of 2 minutes but wanted to ask;"

"What are the alternatives to traditional home ownership? I know that I will never be able to afford my home due to the large deposit I will need and my salary. I was thinking about moving up north as I feel properties would be cheaper but given the way Manchester is going and the arrival of HS2, properties prices in the midlands and the north will be similar prices to the south east. I saw a property near to where I live, it was for 140,000. I thought that was reasonable but it was only for 25%. My grandchildren would still be paying the mortgage off. I am now thinking about alternatives, shipping containers? Mobile homes? Campervan?"

Large cities normally recover. With large populations it is easier to
reinvent oneself . These days workers have to be prepared to change
career several times regardless of Brexit .
People with the right skills will always get a visa abroad .
The demise of Hong Kong is perhaps a bigger problem as was
a great financial centre.

@emeraldcity2000 Dublin has those advantages too and is also in the EU.

[quote Toptotoeunicolour]There are about 750,000 jobs in finance in London. About 7,500 have so far moved - a few more obviously will go, but companies have planned well in advance. So a reduction of about 1% so far. I wouldn't let that change your career aspirations.

news.efinancialcareers.com/uk-en/3004551/banking-jobs-moving-brexit[/quote]
Good to see actual figures

www.google.co.uk/amp/s/amp.independent.ie/business/brexit/ireland-lands-highest-share-of-financial-services-firms-exiting-uk-39625874.html

@Clavinova

I am a graduate and want to go into banking

Perhaps you should switch to journalism instead?

"Thomasparker10012 Sun 18-Oct-20 20:27:55"
"Sorry for posing two threads in the same of 2 minutes but wanted to ask;"

"What are the alternatives to traditional home ownership? I know that I will never be able to afford my home due to the large deposit I will need and my salary. I was thinking about moving up north as I feel properties would be cheaper but given the way Manchester is going and the arrival of HS2, properties prices in the midlands and the north will be similar prices to the south east. I saw a property near to where I live, it was for 140,000. I thought that was reasonable but it was only for 25%. My grandchildren would still be paying the mortgage off. I am now thinking about alternatives, shipping containers? Mobile homes? Campervan?"

Hmmm

@pontypridd

I really hope the financial sector in London doesn’t survive.

I think it’s the root of all evil.

What a naive comment.

The tax revenue generated from financial services pay for about 70% of the NHS bill.

We're not gonna make that up from fish.