Former leader fears Britain will not get special access
The worst-case scenario, which looks the most likely, is the loss of 75,000 jobs and £10bn tax revenue
London — A former leader of London’s financial district believes Britain is unlikely to get generous access to the EU financial market after Brexit, resulting in a loss of 75,000 jobs and £10bn in tax revenue. Mark Boleat, political leader of the City of London until 2017, says that for mainstream banking and insurance, the most likely outcome of divorce talks is that Britain will be treated like other non-EU states, with no special access after transitional arrangements have ended. "So the worst-case scenario — which currently looks the most likely — is the loss of 75,000 jobs and £10bn of tax revenue," Boleat says in a speech to be delivered at the Cass Business School in London on Wednesday evening and released to media in advance. Financial services is Britain’s biggest economic sector, raising more than £70bn a year in tax. Britain has a financial services trade surplus of £61bn, with £18.5bn of that with the remaining 27 EU countries. The City of London and TheCityUK, which pr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.