Published: Sat, January 13, 2018
People | By Leon Thompson

Financial sector is priority for United Kingdom in Brexit negotiations

Financial sector is priority for United Kingdom in Brexit negotiations

A spokesman for May said the executives asked for more clarity on the future relationship between Britain and European Union and May asked them to emphasise the benefit of preserving London's position as Europe' financial centre.

London's future as Europe's premier financial hub is one of the biggest issues in Brexit talks because the sector is Britain's biggest source of corporate tax revenue.

"It was a promising, positive meeting", commented a banker after the meeting.

Many banks, insurers and other financial firms are likely to be forced to move jobs if as expected Britain loses the European Union "passport" mechanism that allows them to sell their products freely within the bloc from London.

Mayor Sadiq Khan said Britain could lose nearly 500,000 jobs if it failed to agree a trade deal with the European Union.

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"In December, the City is abuzz with holiday parties not hiring, so a drop is to be expected, but for it to be such a seismic drop is alarming", said Hakan Enver, operations director, Morgan McKinley Financial Services. If confirmed by parliament, Hubner's unexpected move is likely to be welcomed by the financial industry, which has warned that forced relocation could split markets, increase trading costs and diminish the status of the euro - besides threatening thousands of jobs in the City of London.

But as far as the financial services sector was concerned, there would be no cash changing hands.

"The results show that Brexit will not only reduce the size of the United Kingdom economy, compared to what may have happened if the United Kingdom remained in the Single Market and Customs Union, but also put it on a slower long-term growth trajectory".

United Kingdom businesses continue to lag behind their European peers ahead of Britain's upcoming departure from the (EU), according to the CFO of the U.K.'s biggest recruitment firm.

Khan commissioned the report after the Brexit secretary, David Davis, told MPs he had not, as long believed, ordered central government impact assessments into the potential economic effects of Brexit.

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