City at risk from Brexit - Liberal Democrats

August 26, 2016 1:03 PM
Originally published by UK Liberal Democrats

The City will not have the full benefits of membership of the single market under the Government's plans for Brexit, the body representing the UK's banking sector has suggested.

Economics spokesperson Susan Kramer said:

"A bilateral deal is simply not good enough if we are to protect key parts of our economy, including our financial services. This jeopardises our ability to retain institutions that underpin the City's success - including the clearing houses.

"It is naive in the extreme to think that France and Germany will not try to tempt our high value City businesses to set up shop elsewhere. The loss of tax revenue alone would make Boris' mythical £350 million for the NHS look like pocket money. We need full membership to the single market."