The Financial Times is reporting that the Chancellor, Philip Hammond, is warning financial services companies that they may need to seek “alternative pathways to growth” as a result of Brexit.
Commenting, Peter Kyle MP, leading supporter of the People’s Vote campaign, said:
“It is deeply worrying that the Chancellor is now warning financial services firms in this country that they may have to seek ‘alternative pathways to growth’ due to the impact of Brexit on access to European markets. Financial services is a key sector of our economy that must not be sacrificed on the altar of hard Brexit.
“The Government’s Chequers car-crash Brexit proposal ignores the entire services sector, leaving the largest sector of our economy exposed to the consequences of Brexit. The impact on jobs and investment looks set to be severe.
“With every sector of our economy looking likely to suffer huge and potentially irreversible damage as a direct result of Brexit, it’s time for a People’s Vote on the terms of any Brexit deal before it’s too late.”
Notes to editors
The full story can be read here: https://www.ft.com/content/b21b610c-9658-11e8-b747-fb1e803ee64e