{"id":1982,"date":"2017-01-23T01:01:05","date_gmt":"2017-01-23T01:01:05","guid":{"rendered":"http:\/\/asadkarim.co.uk\/?p=1982"},"modified":"2017-01-23T08:39:30","modified_gmt":"2017-01-23T08:39:30","slug":"financial-implications-of-brexit-banking-jobs-leaving-the-uk","status":"publish","type":"post","link":"https:\/\/www.asadkarim.co.uk\/?p=1982","title":{"rendered":"Financial Implications of Brexit: Banking Jobs Leaving the UK"},"content":{"rendered":"<p>The loss of well paid banking jobs due to Brexit can not be under estimated.<\/p>\n<p><a href=\"http:\/\/www.bbc.co.uk\/news\/business-38677504\" target=\"_blank\">http:\/\/www.bbc.co.uk\/news\/business-38677504<\/a><\/p>\n<p>So HSBC and UBS are saying 2,000 investment banking jobs are going to be out transferred of London.<br \/>\nWhat does this mean financially ?<\/p>\n<p>So lets make some rough calculations:-<\/p>\n<p><strong>HSBC: 1,000 jobs to leave London<\/strong>.<br \/>\nIf the average wage of an investment banker at HSBC is \u00a3115,000 then the wage bill that leaves London is:<br \/>\n1,000 * \u00a3115,000 = \u00a3115,000,000 (\u00a3115 Million)<\/p>\n<p><strong>UBS:\u00a0 1,000 jobs to leave London.<\/strong><br \/>\nIf the average wage of an investment banker at UBS is \u00a3125,000 then the wage bill that leaves London is:<br \/>\n1,000 * \u00a3125,000 = \u00a3125,000,000 (\u00a3125 Million)<\/p>\n<p>The taxs that will be lost by the UK Goverment:-<\/p>\n<p>HSBC: Wage bill of \u00a3115,000,000 and assume 45% goes in total due to income tax and national insurance.<br \/>\nThat is \u00a351,750,000 (<strong>\u00a351.75 Million<\/strong>)<\/p>\n<p>UBS: Wage bill of \u00a3125,000,000 and assume 45% goes in total due to income tax and national insurance.<br \/>\nThat is \u00a351,750,000 (<strong>\u00a356.250 Million<\/strong>)<\/p>\n<p>A total loss of \u00a3108,000,000 (\u00a3108m). That is <strong>\u00a3108m less for HM Government<\/strong> to spend on UK defence, public services like hospitals, schools, universities or police.<\/p>\n<p>Now what else you have to remember, is the salaries after tax, are known as disposable income.<\/p>\n<p>HSBC wage bill of \u00a3115 Million, 45% lost in tax (\u00a351.75 Million) leaving \u00a363,250,000) to be spend by employees.<br \/>\nThat money is for travel, paying for London Transport, on Oyster or Taxi \/ Uber. Eating in restaurants, or cinema or buying food at Tesco.<br \/>\nAll money that is now lost.<\/p>\n<p>UBS wage bill of \u00a3125 Million, 45% lost in tax (\u00a356.250 Million) leaving \u00a368.750) to be spend by employees.<br \/>\nThat money is for travel, paying for London Transport, on Oyster or Taxi \/ Uber. Eating in restaurants, or cinema or buying food at Tesco.<br \/>\nAll money that is now lost.<\/p>\n<p>That money supports local jobs, cinema workers, supermarket workers, taxi drivers.<\/p>\n<p>Also those 2,000 people are not paying council tax.<\/p>\n<p>Average Council tax of say \u00a31,100 a year.<br \/>\n2,000 * \u00a31,100 = \u00a32,200,000.00 (<strong>\u00a32.2 million<\/strong>) less for councils which means less cash for social care, libraries, refuse\/trash collection, street cleaning.<\/p>\n<p>Brexit. Loss of cash for the UK. Serious indeed, and <a href=\"http:\/\/www.asadkarim.co.uk\" target=\"_blank\">www.asadkarim.co.uk<\/a> calculations are just on 2,000 jobs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The loss of well paid banking jobs due to Brexit can not be under estimated. http:\/\/www.bbc.co.uk\/news\/business-38677504 So HSBC and UBS are saying 2,000 investment banking jobs are going to be out transferred of London. What does this mean financially ? So lets make some rough calculations:- HSBC: 1,000 jobs to leave London. If the average [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1982","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/1982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1982"}],"version-history":[{"count":3,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/1982\/revisions"}],"predecessor-version":[{"id":1985,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/1982\/revisions\/1985"}],"wp:attachment":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}