Guardian: Sir Mark Boleat Delivers Speech Quoting Brexit Research
June 21, 2018
The Guardian reports on Sir Mark Boleat’s keynote speech on Wednesday June 21, 2018, at the Cass Business School in London. The ex-chairman of the City of London Corporation said that Brexit could result in the loss of 75,000 jobs and up to £10bn in annual tax revenue. Boleat stressed that whether we have a deal or no-deal outcome, Brexit has already caused an outflow of jobs from the capital and companies moving part of their business to other EU countries.
In his speech, he quoted Oliver Wyman’s report, “One Year On From The Brexit Vote,” highlighting that if the UK strikes a deal giving full market access, the impact on the City would be "modest", the equivalent of 3,000-4,000 jobs and a loss of £500m in tax a year to the Exchequer. At the other end of the spectrum, if the UK had no special status with the EU, the industry would lost £18bn a year in revenue which would put 31,000 to 35,000 jobs at risk along with £3.5bn to £5bn in tax revenue.
With the knock-on effect for related industries and the loss of entire business units, there is an estimated further losses of £14bn to £18bn in revenue and 34,000 to 40,000 jobs and £5bn in tax.
Read the full article here and discover more from of our Brexit insights here.
