Financial Times: US Banks Warn UK Of Losing Competitive Edge After Brexit

Senior Wall Street executives have warned UK government ministers that the City of London is losing its competitive edge against New York.

Quoting Oliver Wyman’s report “The impact of the UK’s exit from the EU on the UK-based financial services sector”, the Financial Times highlighted that the financial services industry generated between £190bn and £205bn in the UK in 2015. The report found that just under half of the revenues were generated by work for UK clients, about a fifth were from EU-related business, and almost a third related to business from the “rest of the world”.

But bankers have said that if the UK does not become more competitive, it could lose business with the “rest of world” after it leaves the EU.

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