Myth: City will thrive if we quit EU
InFact: If we lose full access to the single market, financial institutions based in the City of London will probably lose the passport that lets them operate freely across the whole EU. Banks will have to shift part of their business elsewhere in Europe, meaning we’ll lose high-paid jobs and the taxes that go with them. Even losing a fraction of this money-pot would be damaging – financial services account for nearly 10% of our economy and 11% of taxes.
This article is an adaptation of a piece that previously appeared on InFacts.
Hugo Dixon is the author of The In/Out Question: Why Britain should stay in the EU and fight to make it better. Available here for £5 (paperback), £2.50 (e-book)
Edited by Hugo Dixon