Industry Surveys

UK's Financial Services Sector Risks Talent Relocation Ahead Of Brexit - Survey

Robbie Lawther Reporter London 16 June 2017

UK's Financial Services Sector Risks Talent Relocation Ahead Of Brexit - Survey

As Theresa May ipreparesto negotiate Britain's exit from the European Union, EU workers are pondering whether to leave before a deal is agreed.

Just under half of EU workers employed by companies in the financial services sector are likely to leave the UK before Britain officially exits the European Union, according to a new Baker McKenzie survey.

The firm surveyed 250 EU-27 nationals educated at degree level or higher across a various number of sectors. The survey found that 43 per cent of EU nationals working in the UK’s financial sector will leave before negotiations have finished.

Brexit has caused a lot of discussion in the financial world, as UK Prime Minister Theresa May appears to be pursuing “hard Brexit”, which could result in loss of access to the single market. However, last week’s general election result has caused the Conservative Party to change its stance, and potentially pursue a “softer Brexit”. Brexit negotiations are set to begin in the next few days, giving EU workers in Britain a big decision to make: stay or go before a deal is agreed.

The survey also found that 88 per cent of financial services workers feel more vulnerable to discrimination since the EU referendum, compared with the 70 per cent average across all sectors.

Over half, or 55 per cent, of financial services workers also said they had not received any information on their pensions and social security rights.

“Last week's election result and the current uncertainty around the immigration status of EU nationals, underlines the need for all employers - especially those reliant on EU workers - to address their employees' concerns around Brexit as a priority,” said Stephen Ratcliffe, Baker McKenzie employment partner. "Companies should also be taking steps now to develop talent and support and incentivise talented employees to stay within the business or they could face a significant skills shortage in the near future. This could be further compounded should there be delays to negotiations with the EU."

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