U.K. Banks May Gain $14.6 Billion Yearly Leaving EU, Says Lobby
- Financial firms can grow following cuts to ‘Brussels red tape’
- Report stands in stark contrast to warnings of global leaders
British Banks Edge Closer to Post-Brexit Exit
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The U.K.’s biggest banks and financial firms could gain an additional 12 billion pounds ($14.6 billion) a year in revenue from Britain leaving the European Union, according to a report from a pro-Brexit lobby group.
Leaving the 28-nation trading bloc and ending membership in the EU single market for trade and services would help Britain cut “stifling Brussels red tape” to help U.K.-based financial firms grow sales, the Leave Means Leave campaign said in the report published on Sunday. London will also avoid a banking crisis and a fight for the survival of the euro area, according to the group.