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Brexit and ‘missing’ financial services jobs in the United Kingdom

Hall, Sarah; Heneghan, Martin

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Sarah Hall

Assistant Professor in Social/ public Policy


In this paper, we examine the impact of Brexit on financial services employment in the UK. Initial estimates suggested that around 10,000 jobs could relocate from London to other EU financial centres as a result of Brexit. Official statistics show that the total number of job relocations that has taken place to date is lower than these estimates, but concerns have been raised concerning ‘missing’ financial services jobs as employment growth has been relatively flat since Brexit. We analyse the geographies of these ‘missing’ jobs and examine the different causes in wholesale and retail banking. Our findings suggest that it is the combination of Brexit alongside the changing nature of financial work itself that best account for ‘missing’ financial services jobs in the UK. As a result, Brexit is far from done and, in the case of financial services, it is likely to be some time before its full impacts are fully understood.


Hall, S., & Heneghan, M. (2023). Brexit and ‘missing’ financial services jobs in the United Kingdom. Contemporary Social Science, 18(2), 235-249.

Journal Article Type Article
Acceptance Date Mar 7, 2023
Online Publication Date Mar 26, 2023
Publication Date 2023
Deposit Date Mar 9, 2023
Publicly Available Date Mar 26, 2023
Journal Contemporary Social Science
Print ISSN 2158-2041
Electronic ISSN 2158-205X
Publisher Informa UK Limited
Peer Reviewed Peer Reviewed
Volume 18
Issue 2
Pages 235-249
Keywords Brexit; financial services; international financial centres
Public URL
Publisher URL


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