10/01/2017 London News


10/01/2017

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The head of the London Stock Exchange has warned over

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the possible exodus of thousands of jobs in the finance sector

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Xavier Rolet told MPs his customers "simply would not wait",

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Others say the impact on jobs in the City is being exaggerated.

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Waiting, waiting, waiting - but patience is wearing thin.

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The man in charge of the London Stock Exchange has

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warned his clients simply would not wait and would move operations away

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from London amid all the Brexit uncertainty.

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Today, Xavier Rolet told the committee of MPs charged

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with scrutinising the Treasury that a five-year deal maintaining

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existing business arrangements with the EU was needed

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Without it, he says, jobs will be lost.

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There is no doubt that an economic impact, in terms of, of course,

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the jobs that power this industry, and I'm not just talking, of course,

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about the clearing jobs themselves, which number into the few thousands,

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but the very large array of ancillary functions,

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whether it's syndications, trading, treasury management,

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middle office, back office, risk management, software,

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which range into far more than just a few thousands,

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to tens of thousands of jobs, would then start migrating.

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Banks have issued warnings since the Brexit vote,

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claiming thousands of jobs would shift to rival financial

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centres across Europe if Britain loses the right to sell financial

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US banking giant JP Morgan warned 4,000 jobs could go.

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Goldman Sachs said it could move 2,000.

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And HSBC claimed 1,000 positions could be transferred

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Pessimism or worry doesn't come into it - it's about realism.

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Clearly, if Britain does not remain in the single market,

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and there are not adequate transition provisions

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and longer-term provisions, we're going to loses some jobs.

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We're keen to minimise that as far as possible,

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as is everybody else in the financial services industry.

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I'm afraid it sounds like yet more project fear...

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But those who campaigned for Brexit say claims of a negative impact

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This is why I don't think jobs will go to Frankfurt or Paris -

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We have a lot of expertise in the City, over hundreds

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of years, way before the EU, and that will continue.

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And we're the largest financial centre in the world.

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The Government says it's determined that our country remains a great

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For now, though, one certainty is, there will be more waiting before

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we know what Brexit Britain will mean for the financial sector.

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But in contrast, news of a US tech firm expanding

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Contact yes. The owner of the popular photo sharing app Snapchat

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has announced it will be registering a site here in London. It has 150

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million users worldwide, 10 million here in the UK. There are only 75

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employees in the UK at the moment but it has plans to expand in the

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future. This is significant, because other companies like Google and

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Facebook have been criticised in the past for registering their company

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in lower tax countries, like Ireland. And by setting up here in

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the UK, Snapchat will be paying their taxi. They will also be

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channelling profits from a few other countries through the UK. A

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spokesman said it was a common-sense decision and the UK was a great

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place to build a business. Snapchat is gearing up for a public offering

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this year, at a valuation of $25 billion, so this is very good news

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that they have decided to base themselves here in the UK.

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So, it's not been a good week so far for commuters.

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Yesterday it was a Tube strike - today a strike

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In fact, the first of three days of walkouts this week.

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Our reporter Marc Ashdown was on one of the handful of trains that

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Another strike day, but here, there is talk that one service

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7.34 to London Victoria is just outside the station...

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This is the 7.34 service to Victoria.

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I am quite surprised it's running, but I'm glad it's

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Er, yeah, not quite sure why there's just one train running.

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Caterham here, we've got a train straight through to Victoria.

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So, erm, yeah, long may it continue, actually.

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It is a bit of a shame they didn't publicise it better.

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On a strike day, this is a bit of a scandal.

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It was listed on Southern's website and the operator pointed out

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it was only able to offer a very limited service.

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Some are ditching the trains altogether.

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Just waiting for the coach to arrive.

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Scared of losing her new job at a charity, she's taking a coach.

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Slightly panicked by the fact that the driver just said that

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yesterday it took him four hours to get to London, by coach.

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But it still might be better than this.

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The strike is having a knock-on effect on other commuter routes,

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like South West Trains services through Clapham and Vauxhall.

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Terribly, because I've had to stay at my sister's rather

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It's been a nightmare, and again tomorrow.

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So I'm standing here thinking, how do I reorganise my calendar,

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so I don't have to go in to the office?

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London Bridge, practically deserted today.

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I live in Liverpool, so it was actually quicker coming

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from Liverpool to London than it was to get from London

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Back on board the 7.34 mystery lone commuter train,

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This will frustrate those who weren't so lucky.

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It's hard to make out, but this is East Croydon

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The train was not advertised to stop here, and Southern told us it

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wouldn't have been able to cope with the overcrowding.

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In a rare treat, it also arrived on time after a smooth ride.

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So, did the coach trip for any better?

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Two-and-a-half hours, and we've reached Fulham.

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Three-and-a-half hours later, almost quarter to 11, I'm at work.

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The journey home was equally as challenging.

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Commuters will chance it yet again tomorrow.

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Now to what the Dean of Southwark has described as a "once

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The cathedral's historic bells are blessed ready to be re-hung

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And, in a tradition that dates back to medieval times,

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the bells are baptised, given names and even godparents.

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He says it sounds bizarre, but it is significant.

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I think one of the most important things about bells in this country

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that people really appreciate is the sound of joy that they make.

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And when people hear the sound of bells, I think

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We have a ring of 12 bells here at Southwark.

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All bells need an MOT every hundred years to make

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The recasting and the re-engineering of parts of the bells only happens

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So, this is a once in more than a lifetime event,

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which is why it's such an exciting moment for the cathedral to go

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through, to see the bells all out, because they're hidden away.

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You hear the sound, but people can't really see them.

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And there is an ancient tradition, a medieval tradition, really,

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They're given names, they have godparents,

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they're anointed, sprinkled with water, all the

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We've even got a christening cake for these bells.

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Names were given to bells, and they were baptised,

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The other bells, we thought, how could we dress them

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And we thought it would be beautiful if the river

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And it looks as though they're floating on a bed of wool.

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I'm excited because the bells are an important part of our life,

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because it's the bells that really say, we're alive, come on in.

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That's always the message - come on in, the place

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As the bells are raised once more into the tower,

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we will have our voice back and be able to contribute to

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That's it for now from me, but let's find out

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what the weather's up to, with Wendy.

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Dare I say it, I heard you mention snow? Yes, the first few flakes of

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the year are definitely possible. It will be feeling wintry. That change

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comes tonight. For the time being, plenty of cloud with a breeze but it

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is mild. By the end of the night, we could be in double figures. The this

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little bit of rain here, in the early hours of the morning. It is

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actually a cold front, and as it clears through, fixed as will be

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starting to head down. At the same time, the wind speed will be heading

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up. It will be breezy at the end of the day tomorrow running some

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sunshine. It will be feeling rather cold. And there is a warning for

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snow on Thursday. There could be a substantial amount of it, with

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record driving conditions at least. There could be some that settles. On

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the outlook, you can see that the best case in only is that it falls

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as rain. And there could be some weekly show around towards the end

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of the week, and to start the weekend as well. For more on that

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snow situation, over to Jay Wynne now.

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Quite a lot going on over the next few days. The strong north-westerly

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wind will drag some really cold Arctic air across our shores full

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stop that will be with us for the

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