Umunna – Douglas Flint’s comments show importance of Single Market membership

HSBC is preparing to shift 1,000 jobs from London to Paris, and could move further operations overseas if the UK loses access to the Single Financial Passport, HSBC Chairman Douglas Flint said today.

Mr Flint was speaking to the House of Commons Treasury Select Committee.

Commenting, Chuka Umunna MP, leading supporter of Open Britain, said:

“The Government’s casual attitude to the Single Market is already resulting in jobs leaving the UK.

“This is dreadful news for the City, our wider economy, and our public services. Leave campaigners promised Brexit would create jobs – they just didn’t say those jobs would be in France rather than Britain.

“The Government must focus on negotiating a Brexit deal that minimises damage to our economy. That means staying in the Single Market to keep the passporting rights that are so important to the City, and preserving the right of services companies and manufacturers alike to sell without barriers to Europe.

“As the Chancellor has said, people did not vote in the referendum to make themselves worse off. The Government now needs to put trade and the economy at the heart of its plan for Brexit.”

/ends 

Notes to editors:

Mr Flint’s comments are reported here: http://www.huffingtonpost.co.uk/entry/hsbc-brexit-paris-london_uk_5874c5a8e4b0961f09390328

 



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