The head of Germany’s central bank has warned that London’s position as a financial centre would be dealt a severe blow if the UK left the single market because banks would be denied the right to operate across the 27 remaining members of the EU.
Currently, London is the world’s largest financial centre with over 500 banks in London, many of these because of our EU membership. (source:Wikipedia)
- The City of London’s contribution to the UK’s national income (or Gross Value Added, GVA) is estimated at is estimated at £45bn in 2014, or 3%, while London accounts for £334bn or 22% of the UK’s GVA. Source: Centre for Cities and Cambridge Econometrics, June 2015
- There are over 1,400 financial services firms in the UK that are majority foreign-owned, from around 80 countries.Overseas owned companies represent 46% of all financial services groups worth in excess of £100m. This is nearly three times larger than any other sector of the market and demonstrates the continued international nature of UK financial services. Source: IMAS Insight as at January 2015
- 414,600 people are employed in the City of London. Source: Office for National Statistics, Business Register and Employment Survey, October 2015
Do we really want to jeopardise the position of this important and historical industry? Frankfurt will be only too happy to replace London as Europe’s #1 financial centre.