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Umunna – New report shows leaving the Single Market will cost jobs in the City

A hard Brexit could cost the UK’s financial services industry up to 40,000 investment banking jobs in the next few years, a new report by consultancy Oliver Wyman has found.

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

“This report paints a stark picture of the damage hard Brexit could do to our world-beating financial services industry.

“Leaving the Single Market will cut our companies off from free and frictionless access to the European market, erecting serious regulatory barriers to trade, for example in Euro-clearing. 

“The Government have promised a deal that gives us the ‘exact same benefits’ as EU membership. To deliver this and to stop crippling job losses, they must negotiate to keep Britain in the Single Market after Brexit.”

/ends

Notes to editors:

The Oliver Wyman report is reported here: http://uk.reuters.com/article/uk-britain-eu-finance-idUKKBN1AG2MJ?il=0




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