Lord Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union shares his opinions on the financial consequences a Brexit could have on the UK.
“Financial services are important because they are Britain’s single most important industry, and biggest contributor of tax – £67bn last year. We need the industry to succeed not just because of jobs and growth, but because it contributes so much to our public services.”
He added: “experience brought home to me that it is an illusion to claim that the rest of the world would fall over themselves to offer Britain trade deals if we left. The Americans negotiate hard for their interests but, since I represented a European economy even bigger than theirs, I could negotiate as an equal. The UK on its own would not be in that position. So it is beyond reasonable doubt that leaving would hurt the City.”
Please read the full articles from the CITYA.M. and POLITICO.