Britain’s financial services will receive £20bn Brexit bounce OUTSIDE the EU single market
Projections show that financial services will grow by ten per cent in the next decade if there is a clean break from the hated bloc
BIG business will receive a £20 billion Brexit bounce outside the Single Market, a leading economist last night revealed.
Long-term projections show the financial services will grow by an additional ten per cent in the next decade if there’s a clean break from the trading bloc.
Estimated to be worth around £200 billion a year, the sector across the UK will receive the boost once it’s released from the single market’s shackles.
The positive outlook has been provided by Margaret Thatcher’s former economics guru Patrick Minford who blasts City bosses for being out of touch with reality.
Despite Downing Street pledging not to give a running commentary on Brexit negotiations, Cabinet Minister David Davis says its “highly probable” Britain will leave the single market.
Minford, co-chair of Economists for Brexit, last night said: “City bosses appear to be on a relentless and misguided campaign to try and pressure Government into staying in the Single Market, in spite of there not being a true Single Market in financial services.
“That seems astonishing to us when our projections show how much better off over the long-term the industry will be out of the EU and outside the Single Market, as the UK exploits its natural strengths in the service sector.
“London is the financial capital of the world and free from the shackles of this regime, it will undoubtedly thrive, growing by £20 billion pounds over the next ten years.”
But business leaders have given the government a stern warning that a ‘Hard Brexit’ would do lasting damage to the UK economy.
The bosses of the CBI and the industry body for engineering and manufacturing jobs have said Theresa May must deliver access to the EU’s single market without barriers.