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The UK government expects that thousands of jobs in the financial services sector have moved to the European Union by the time the UK leaves.
City Minister John Glen said the situation was "stable" with regard to job movements.
However, he agreed with the Bank of England estimates that 5,000 jobs in cities would be transferred to the continent in March.
Mr Glen added that he would do everything possible to keep the city of London a major financial center.
"My only goal for the city is to ensure as much continuity as possible in terms of the economic value that can be generated by the city," Glen told a committee of the House of Lords.
"We have not seen massive movements of large institutions in other cities in the continental EU," said Glen.
In the case of a Brexit without agreement, Mr. Glen said: "I do not have a crystal ball … [Job losses] will be so dependent on the nature of this non-agreement ".
It "fully expects" that Britain and the European Union will agree on an agreement that would introduce a transition period starting next March to avoid a Brexit messy.
The Treasury has not calculated how much taxes financial services institutions will be losing, Glen said.
"It would be quite impossible, with so many assumptions, to make meaningful calculations regarding the response of the different sectors, because there are many real problems related to the transaction and the regulatory certainty we have. reach the agreement, "he said.
The UK financial sector generates more than 70 billion pounds of tax revenue, with the EU being its main export market.
Mr Glen said that the government was striving to conclude a bilateral agreement with the EU to obtain regulatory equivalence between the UK and the bloc.
Equivalence means that the EU grants market access to foreign banks and insurers if the rules of their home country are sufficiently harmonized with those in force in the bloc.
"We can not be subjected to a situation of politicization of equivalence and where our financial institutions would be vulnerable," said Glen.
The financial rules of the UK and the EU are already perfectly aligned and a bilateral agreement would clarify what would happen if one or the other of the parties wanted to deviate from it. a special rule, he added.
"We need a result that satisfies the city," he said.
Emergency plans
Although many companies have not yet made a firm commitment to changing staff, they are negotiating space options in Amsterdam, Dublin, Frankfurt and Paris that will allow them to grow quickly in the event of Brexit crisis, said Sophie Van Oosterom, Director of Investments. for commercial real estate and investment firm CBRE.
Ms. Van Oosterom said that it usually involved 20 to 40 employees.
"So, if there is a Brexit app, they will stay in place and if something dramatic happens, they can flip the switch in. They take an optional space that does not cost them too much, but allows them to grow quickly, "she said. I said.
David Hutchings, head of the European investment strategy team at Cushman & Wakefield, said London had lost some back-finance jobs in other parts of Britain before the vote on Brexit and that these jobs could now be found elsewhere in the EU.
