The City is set for a £12bn windfall after liberation from EU red tape, according to these Brexiteers
The City is set for a £12bn a year windfall thanks to liberation from EU red tape, according to a "Hard Brexit" campaign.
Leave Means Leave, which was launched by senior Tory Eurosceptics last month, claims that quitting the EU will “accelerate” the UK's financial services sector.
Senior City voices, including the British Bankers' Association, have recently become more vocal on the importance of passporting rights in Europe, but the Brexit campaigners say its value is “overstated”.
Instead, they say the UK would be granted equivalence through MiFID regulation – although the BBA has also argued this would be insufficient.
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Prior to the referendum, the Treasury claimed that 75,000 jobs would be put at risk by a Brexit vote, a figure which Leave Means Leave also dismiss.
Instead, they claim that liberating the City from “burdensome” and “highly expensive” EU regulation could be saving between two and three per cent of the sector's costs, or up to £12bn a year, although significant differentiation could also put at risk any equivalence status.
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Leave Means Leave co-chair Richard Tice said: “Being able to cut unnecessary regulation and bring back legal jurisdiction to the UK opens up a whole host of opportunity.
“The EU, on the other hand, faces a very difficult struggle ahead. It is essential that they secure a deal with the UK on financial reciprocity or they will see capital move from Frankfurt, Paris, Madrid to London.”