Without passporting..
Up to 70,000 financial jobs could be lost if Britain leaves the EU without a new relationship in place for the City of London, its industry body is expected to say. Research commissioned by TheCityUK is expected to claim next week that if the UK fails to secure a trade deal beyond the standard World Trade Organisation terms, many tens of thousands of posts would be put at risk as entire swathes of financial business leave the country.
The financial sector would be harder hit than the UK economy as a whole by a complete departure from established EU trade relationships, owing to its central position in services such as trade clearing and capital markets, TheCityUK has repeatedly warned. The trade body has estimated that 1.1m people are employed in financial services across the UK, with a million more in related professional services such as IT and the law. Financial services attracted 35pc of the UK’s total foreign direct investment between 2008 and 2014, increasing even after the credit crunch, TheCityUK said earlier this month as it began to set out the stall for the industry in the forthcoming Brexit negotiations. Meanwhile, the industry is responsible for an international trade surplus of £22.8bn, more than 40pc of which comes from European Union trade.
City warning of threat to 70,000 jobs without Brexit trade arrangement