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British look for jobs abroad amid Brexit impact

Reporter: William Denselow 丨 CCTV.com

08-02-2016 15:02 BJT

The decision by a majority of the British to leave the European Union sent the pound tumbling. And as questions remain over what the Brexit vote will mean for the UK economy in the long-run, some are searching for opportunities elsewhere. One job hunting site says the United States is looking increasingly appealing.

The fallout from Brexit has left Brits with plenty to discuss. This monthly gathering of ex-pats in New York provides an opportunity to reflect on how the vote could affect them. For many, it's too soon to tell, but with a job in banking, Jack Hall is worried about the immediate implications.

"Thursday evening I left work. I didn't have any concerns in my mind because I thought we were staying in," said Jack Hall, lead business analyst, Nomura.

"And then Friday morning, I remember literally going in Friday morning and telling people on the way in 'I don't know if my job's going to be there' because that's how quickly they make decisions in the industry."

Jack says the Brexit vote now means he's considering staying in New York longer-term. And he's not alone. Tara Sinclair is job-hunting site Indeed's Chief Economist. She says the number of UK-based job searches to the U.S. spiked 70 percent in the 24 hours after the Brexit vote was announced.

She said: "With a strong growing labor market here in the U.S. suggests there is going to be more opportunities coming down the line, whereas people are concerned that with the Brexit vote, it may be a drag on the economy overall in the UK and possibility extending into the rest of Europe."

Indeed say some of the most popular U.S. job searches are for high-skilled positions in industries like tech and healthcare. But some economists are skeptical there will be a dramatic number of Brits crossing the pond.

"I think the U.S. financial system is pretty dynamic, and I think if there were large gaps some place, we'd already be importing the people from some place," said Steve Blitz, chief economist, M Science.

Financial analysts say it's too early to tell how Brexit will impact the global economy.

After an initial flurry of activity, Indeed say there's been a drop-off in the amount of Brits looking for work in the U.S. They say people are now waiting to see what the long-term consequences of this historic vote will be.

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