Saturday, 23 July 2016

LONDON MAYOR CONCERNED ABOUT LOSS OF BUSINESSES TO EUROPE

Sadiq Khan is becoming worried that European cities are vying with each other to attract financial businesses out of London (HERE).  He is right to be concerned.  The government is in a difficult position, unless we accept freedom of movement of people we will lose the passporting arrangements that allow financial institutions in the UK to trade across Europe.  If we lose this right there will certainly be an exodus. Our friends have become our competitors.

The latest government figures estimate the FinTech industry - financial technology - alone generates about £20bn in annual revenue.

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