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Global Banks Fight Back on Brexit, Warning $51 Billion at Stake

  • TheCityUK lobby group’s report says 70,000 jobs are at risk
  • As much as 10 billion pounds in lost taxes on the line
Bloomberg business news

Why a Hard Brexit Would be Tough on London City Jobs

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Britain crashing out of the European single market could cost banks and associated businesses in the U.K. almost 40 billion pounds ($51 billion) in lost revenue, undermining a key sector of the economy, an industry report warned on Tuesday.

Finance firms are making a fresh bid for special status in upcoming Brexit negotiations with the EU after U.K. government officials this week indicated banks will get no favors. The report, prepared by Oliver Wyman on behalf of TheCityUK lobby group, warns that almost 70,000 jobs and 10 billion pounds of tax revenue are at risk from a so-called hard Brexit.