Responding to comments by the Chief Executive of the British Bankers' Association about the future of UK financial services, Dominic Grieve MP, leading supporter of the Open Britain campaign, said:
"This is a worrying warning as our financial service sector is vital to our economic health.
"Jobs across the country are dependent on our having thriving financial services. They should be supported with a clear statement from Ministers that we will remain in the EU's single market. Poor substitute arrangements could be damaging.
"This uncertainty and speculation underlines why the Government needs to provide clarity on its direction of travel, with greater willingness to discuss painful trade-offs to come."
Dominic Grieve is responding to comments made by Anthony Browne, Chief Executive of the British Bankers' Association: https://www.theguardian.com/politics/2016/oct/22/leading-banks-set-to-pull-out-of-brexit-uk
The financial service sector is critical to the UK economy:
- Financial and related professional services employ over 7% of the UK workforce, producing nearly 12% of total economic output, contributing £66bn in taxes and generating a trade surplus of £72bn. Foreign companies invested around £100bn into the UK financial services sector since 2007 – more than in any other sector.
- The industry is spread nationally, with over 2.2 million employees, two-thirds of which are outside London. The value added to the economy per financial and related professional services worker is £87,000, compared to the £52,000 annual average for workers in other sectors.