It also considers the UK’s post-Brexit trading arrangements with other countries and three alternatives to our current EU membership from the perspective of the financial and related professional services industry.
This report builds on TheCityUK’s previous EU reform work and shows that while leaving the EU may not be disastrous for the UK economy, a Brexit risks damaging our industry in the UK through uncertainty, reduced market access and a loss of influence over trading conditions. Major global businesses also come to London to access the Single Market – but that position is dependent on the legal freedoms made available by the Treaties and Single Market legislation. The overall competitiveness of the UK as a place to do business would therefore be threatened by Brexit.
EU membership has benefited the UK by facilitating exports, particularly of financial and other services. The UK is the world’s leading exporter of financial and related professional services and the EU is the biggest Single Market for UK exports of financial services, generating a trade surplus of £18.5bn.
Full report
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