‘Financial services would be hit hardest by Brexit’

Speaking at a Brexit legal debate last week, the Corporation’s chairman, Jerseyman Mark Boleat, said that there would be ‘serious consequences’ for the Square Mile’s role as an international financial centre, including job losses at major banks.

He said: ‘We would see UK-based financial institutions lose access to the single market and some would consider relocating elsewhere in the EU – not overnight but over time.’

Mr Boleat – who also chairs the Channel Islands Competition Regulatory Authority – added: ‘As a recent Capital Economics study has shown, without passporting rights, exports of financial services to the EU could fall by half or about £10bn. Quite simply we have more to lose immediately post-Brexit than other sectors of the economy.’

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