Britain's financial services minister has backed an estimate by the Bank of England that the financial services sector will have lost 5,000 jobs to Europe by day one of Brexit.
John Glen admitted that uncertainty was taking its toll on the City but told the House of Lords committee on EU financial affairs that he was doing everything possible to ensure it retains its place as a major global financial centre.
The Bank of England has been downplaying its expectations of job losses in the sector.
It initially pencilled in 10,000 to have gone by 29 March 2019 but this summer said the number might be fewer than 5,000.
Mr Glen backed the figure but told peers that there were "many caveats" to that outlook, while stressing the importance of safeguarding the global role of the sector, which yields £72bn in taxes which are vital to investment in public services.
He said: "My sole objective in respect of the City is to ensure as much continuation as possible in respect of economic value able to be generated by the City.
"We have not seen wholesale moves of large institutions to other cities in continental Europe."