Brexit Predicted to Cut U.K. Financial Services Exports to EU
- Centre for European Reform warns of possible 59% decline
- Insurance, pension, law, accounting services would also be hit
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U.K. financial-services exports to the European Union could be 59 percent lower after Brexit, even if Prime Minister Theresa May secures a free-trade agreement, according to the Centre for European Reform.
"Any arrangement that sees the U.K. leave the single market will inevitably lead to new barriers to services exports from the U.K. to the EU," the think tank’s Sam Lowe wrote in the report. "The impact of these barriers will vary by sector, with highly regulated industries, such as financial services, being more affected."