Bank of England official warns 10,000 jobs could be lost on day one of Brexit

A Bank of England official has said Britain's powerhouse financial services sector could shed 10,000 jobs on day one of Brexit and it was "plausible" the losses may reach 75,000.

Sam Woods, head of the Bank's Prudential Regulation Authority (PRA), said the 10,000 figure was based on Brexit contingency plans submitted to the Bank by financial firms, which are assuming no replacement of passporting rights and no transition period beyond the end of March 2019.