The UK’s financial services sector will gain an extra £12 billion a year in revenues as a result of the UK taking back control of regulation when it leaves the EU, according to a new report.
The report predicts that Brexit will “accelerate” the UK financial services sector by freeing it from stifling Brussels red tape.
The study, from the leading Brexit campaign group, Leave Means Leave, rejects Remain claims that Brexit will damage the City of London. It concludes that UK financial services, which support 2 million jobs across the country, will accelerate once Britain regains independence, not least because Eurozone states will be mired in increasingly desperate efforts to keep the euro afloat.
The report, ‘Why our financial services need a clean Brexit’, which includes a foreword by economist Dr Gerard Lyons, challenges doom-mongering claims from the Remain camp that the City will suffer from leaving the Single Market.
Read the full report here.