All alternatives to Britain's membership of the European Union are second best and risk damaging the competitiveness of the City of London's finance industry, although Brexit would not be ruinous for the economy, TheCityUK lobby said on Wednesday.
In a guide to the consequences of Brexit, TheCityUK said a bespoke financial services agreement between Britain and the EU was feasible, but its content would be uncertain.
Negotiations would take a long time and the bloc could end up treating Britain as a less-regulated "off-shore" centre, TheCityUK, which lobbies for Britain's financial services sector, said. "We haven't seen anything that gives the UK the same level of influence as membership," TheCityUK Chief Executive Chris Cummings told Reuters.
Britain goes to the polls on June 23 to vote on whether to stay in the EU or leave.
If Britain backed Brexit, a two-year negotiation period on exit terms could mitigate some of the initial fallout. "I don't think we would see a huge movement of jobs immediately, but what would worry me greatly is that foreign direct investment doesn't arrive," Mr Cummings said. "I don't think all businesses that would leave the UK would end up in Paris or Frankfurt. I think quite a share would go to New York and Asia, with Europe as a whole losing out," he said.
TheCityUK said if Britain left, it could not be assumed that EU regulators would be able to live with big EU financial services businesses maintaining their current level of assets in London if markets there were subject to different rules.
TheCityUK also represents related services like accounting and law firms, which, together with the banks, employ some 2.2 million people.
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In a guide to the consequences of Brexit, TheCityUK said a bespoke financial services agreement between Britain and the EU was feasible, but its content would be uncertain.
Negotiations would take a long time and the bloc could end up treating Britain as a less-regulated "off-shore" centre, TheCityUK, which lobbies for Britain's financial services sector, said. "We haven't seen anything that gives the UK the same level of influence as membership," TheCityUK Chief Executive Chris Cummings told Reuters.
Britain goes to the polls on June 23 to vote on whether to stay in the EU or leave.
If Britain backed Brexit, a two-year negotiation period on exit terms could mitigate some of the initial fallout. "I don't think we would see a huge movement of jobs immediately, but what would worry me greatly is that foreign direct investment doesn't arrive," Mr Cummings said. "I don't think all businesses that would leave the UK would end up in Paris or Frankfurt. I think quite a share would go to New York and Asia, with Europe as a whole losing out," he said.
TheCityUK said if Britain left, it could not be assumed that EU regulators would be able to live with big EU financial services businesses maintaining their current level of assets in London if markets there were subject to different rules.
TheCityUK also represents related services like accounting and law firms, which, together with the banks, employ some 2.2 million people.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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