Brexit could cost 75,000 finance jobs

The Bank of England believes that up to 75,000 jobs could be lost from the UK’s financial services industry following Britain's departure from the EU. The BBC’s Kamal Ahmed says senior figures at the Bank are using the number as a "reasonable scenario," particularly if there is no specific UK-EU financial services deal. The number could change depending on the UK's post-Brexit trading relationship with the EU, but the bank still expects substantial job losses.

Meanwhile, outgoing HSBC chief executive Stuart Gulliver has warned of the dangers of an ‘empty’ Brexit transition deal and said the bank plans to wait as long as possible before deciding whether to move up to 1,000 staff from the UK to France. Mr Gulliver said HSBC had not experienced any “material” negative impact from Brexit so far, but wanted swift clarity on the UK’s terms of withdrawal. Elsewhere, Goldman Sachs boss Lloyd Blankfein has expressed his concern over Brexit for the second time in a fortnight by posting a picture on Twitter of the investment bank's European headquarters currently under construction in central London, with the suggestion it may have to lie partially empty.


Unemployment drops by 52,000 but pay squeeze continues

UK unemployment fell by 52,000 in the three months to August to 1.4 million, leaving the jobless rate unchanged at 4.3% from the previous quarter. However, pay still failed to keep pace with inflation, with the real value of earnings down 0.3% over the past year. Total earnings, excluding bonuses, rose by 2.1% from June to August, said the Office for National Statistics.

There were 32.1 million people in work in the UK in the June to August period, 94,000 more than between March and May and 317,000 more than in the same period in 2016.The employment rate was 75.1%, up from 74.5% a year earlier, while the total number of unemployed people was 215,000 fewer than at the same time last year. Employment Minister Damian Hinds said: "Our economy is helping to create full-time, permanent jobs which are giving people across the UK the chance of securing a reliable income.

"We've boosted the income for people on the lowest pay by increasing the national living wage and delivered the fastest pay rise for the lowest earners in 20 years."

Number of night shift workers up by 260,000 in past five years

Britain's late-night workforce has almost reached 3.2 million, according to the TUC. The number of people regularly working nights has increased by 260,000 in the past five years, according to new analysis. Britain's late-night workforce has almost reached 3.2 million after a 9 per cent rise, said the TUC. One in eight people now work nights, rising to one in six for black workers.

The North West and Yorkshire have the highest rates of night working, with one in nine workers on night duty. Night working is most common in sectors such as security, logistics, manufacturing and healthcare.

TUC general secretary Frances O'Grady said: "As the clocks change, most of us can look forward to an extra hour in bed, but while we sleep, Britain's late-night workforce will be busy.