How Brexit slams London
Brexit could lead to the loss of 75,000 jobs in London and as much as £10bn in annual tax revenue. And serious damage has already been done – the trickle of jobs away from the UK capital has already begun and rows over a deal or no-deal outcome are now irrelevant, Mark Boleat, former chairman of the City of London Corporation.
“These moves are bad for London, but they are also bad for the EU because they will make financial markets less efficient,” he tells The Guardian. “Financial services will be fine, but I would say if the City has 80% of international business now, in future it will have maybe 60%.”
Boleat believes the government is unaware of the current shift of financial services to the rest of the EU. “This is not scaremongering, this is reality,” he says.
Image: Mayor of London