Leslie – News of capital flight from financial sector ‘tip of the iceberg’ - People's Vote

Leslie – News of capital flight from financial sector ‘tip of the iceberg’

A report published today by the New Financial think tank stated more than 275 financial firms are moving a combined £925 billion in assets and funds and thousands of staff from Britain to the European Union as they respond to the uncertainty of the Prime Minister’s Brexit deal. 

Chris Leslie MP, leading supporter of People's Vote, said: 

“This news only reinforces what people up and down the country have already realised – the Brexit process is already destroying businesses and opportunities and it’s only going to get worse.

“Since the referendum in 2016 jobs have already been cut, investment has suffered and confidence has been battered. Now we are seeing the financial sector, which pays billions every year in the taxes we use to pay for our public service and employ thousands of people, voting with its feet.

“This is the tip of the iceberg. The financial sector is feeling the same pressures that small businesses, manufacturers and entrepreneurs across the country are experiencing.

“If Parliament voted for the Prime Minister’s blindfold Brexit deal we will face years, if not decades, of uncertainty, with no clarity about our future.

“Brexit will freeze us out of key markets, destroy our competitiveness and make it harder to recruit key employees – no-one voted for this and that’s why a People’s Vote is now the only way out of this growing economic crisis.”

/Ends

 

Notes for editors

The report from the New Financial think tank can be found here: https://newfinancial.org/the-impact-of-brexit-on-the-city/

The People’s Vote campaign published a dossier earlier this year which found:

  • Almost 50 employers in the UK have confirmed over 21,000 jobs will be lost directly because of Brexit.
  • The UK has lost £42 billion since June 2016 in business investment because of Brexit. This has cost a further 24,000 new jobs.
  • An analysis of TUC figures shows that 2.5 million jobs in Britain are currently reliant on our trade with the EU
  • Comparing the OBR forecasts from before the referendum to what has happened since shows that business investment growth is 13% lower than it would have been.