We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Britain’s “bespoke” Brexit deal for the City could stop firms moving to Europe and the US

3 27 0

Britain’s chancellor threw a lifeline to the financial services sector last night (Sept. 13) in a speech that suggests that the industry could get special treatment after Brexit. It’s a big deal for the City, after all, dozens of banks and businesses have been vocal about how they are looking to relocate or expand operations in Europe and US, to counteract a “hard Brexit.”

In addition to the speech, Chancellor Philip Hammond said he would work on a “bespoke” deal with the EU for the City of London and that a transitional deal would be “integral” to ensure that Brexit happens smoothly.

The services sector makes up around 80% of the UK economy and financial services is part of that.

A report by financial services industry lobby group TheCityUK earlier this year stipulated how important each individual working in the sector is to the economy. When using the gross value added........

© Quartz