Boleat – EY research shows Brexit will damage our economy

UK financial services firms plan to move 10,500 jobs out of Britain to Continental Europe on day one of Brexit, a report written by accountancy firm EY has found today.

Commenting, Sir Mark Boleat, leading supporter of Open Britain and former Chairman of the City of London Corporation, said:

“This research confirms what everyone in British business knows – that not only is Brexit damaging our economy now, but it will get far worse once we leave.

“Some financial services can only be provided in Europe by institutions based in countries in the Single Market. That’s just the rules. The Government’s decision to take Britain out of the Single Market will force firms to move jobs away from the UK to Continental Europe. 

“That will have huge implications for an industry that contributes more than 10% of all taxes paid in this country. It will mean less money for the NHS and the public services we all rely on.

“Nobody voted to put Brits out of work and damage our economy. As the Brexit slowdown continues to make our country worse off, voters have the right to keep an open mind about whether this is really the best future for our country.” 

/ends

Notes to editors:

The EY research is reported by the Guardian: https://www.theguardian.com/politics/2017/dec/11/brexit-city-of-london-jobs-ey-dublin-frankfurt?utm_source=dlvr.it&utm_medium=twitter