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U.K. Banks' Loss of EU Passport a `Major Threat,' LSE Study Says

  • Report warns financial trade could drop by more than 25%
  • Britain should prioritize free-trade deals with U.S., EU
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What Brexit Means For the Future of British Trade

The U.K. government must ensure British financial-services companies don’t lose their ease of access to the European Union after Brexit as a “matter of urgency,” according to a report backed by high-profile British economists including former Bank of England Deputy Governor Charlie Bean.

The study, compiled by the London School of Economics with input from business leaders, ex-policy makers and academics, says the U.K. needs to retain near-equivalent European Union passporting rights and warned that alternatives are “costly and time-consuming.”