On Wednesday 1 November, Sam Woods, deputy governor of the BoE, appeared before the Lords EU financial affairs sub-committee and gave the bank’s assessment of the impact of Brexit on the City.

He based his estimates of 10,000 job losses on a survey of 400 banks and financial firms on their contingency plans for a hard Brexit.

The consultancy firm Oliver Wyman has, however, published an estimate that up to 75,000 jobs could be lost if only WTO rules applied in March 2019.

According to The Guardian:

“Woods said this was not a Bank of England estimate, but described it as being within a plausible range of job losses that would happen in the long term if the UK left the EU without a trade deal.”

A survey by the Reuters news agency published in September estimated that around 10,000 jobs would be lost in the UK in case of a “hard Brexit”.