Any departure from the European Union could do significant harm to the UK's insurance and financial services sectors, ratings agency Standard & Poor's has suggested.
Read more: Eurosceptic report sets the stage for Brexit
In a report published today, the organisation pointed out that between them, the two sectors account for 30 per cent of the UK's foreign direct investment, equivalent to 17 per cent of GDP. Half of that comes directly from EU investors.
Thus. S&P credit analyst Frank Gill said leaving the EU "could significantly dent the UK's current net trade surplus in insurance and financial services of more than 3 per cent of GDP".
He said the onus is now on the UK's government to limit the damage.