The Times: Brexit Warnings from City Chiefs
Jun 26, 2018
In articles warning of the negative consequences of a hard Brexit, The Times and the London Evening Standard cited our report “One Year On From The Brexit Vote.”
At The Times CEO Summit in London, Chief Executive of the Financial Conduct Authority, Andrew Bailey, asserted that banks have triggered some Brexit contingency plans, moving some staff but not the 40,000 financial services jobs that were estimated to be at risk in the longer term by our analysis.
In an earlier article, the London Evening Standard highlighted that our report “estimates that a “hard Brexit” in which UK-based banks no longer have privileged access to the EU could result in the loss of 75,000 jobs and up to £10 billion in annual tax revenue for the Treasury.”
The article quotes several City chiefs who warned of the dangers of a “cross-border financial services breakdown if Britain crashes out of the EU without a trade deal,” stressing the need to avoid a no-deal scenario.