Former Foreman Financial District London: Brexit Costs 75,000 Jobs

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Former Foreman financial district London: Brexit costs 75,000 Jobs. A former foreman of the financial district of London expects that the British departure from the European Union will cost some 75,000 jobs in the United Kingdom (UK).

 

Mark Boleat requires the UK to receive the same treatment after Brexit as other non-EU countries.

He writes this to address in a speech at Cass Business School in London. Also means that financial institutions will not receive exclusive access to the EU internal market.

Services that the large sector still supplies to companies on the mainland can then no longer possible to deliver in many cases.

“So the worst scenario, which seems most likely, is a loss of 75,000 jobs and 10 billion pounds of tax revenue.”

Mutual recognition.
The British capital and interest group TheCityUK, which encourages the UK as a financial centre, want a relationship based on “mutual recognition”, with both sides accepting each other’s rules.

But according to Boleat, the EU will not agree with this because the UK gets such an unfair advantage.

According to Boleat, an agreement about access comes too late for many companies.

Many financial institutions that do business in the European Union are already setting up new branches within the internal market.

Discussions about the future trade relationship are therefore increasingly irrelevant, according to Boleat.

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