British chancellor George Osborne has warned of "tens of thousands" of potential job losses in the financial services industry if Britain leaves the EU, claiming that 285,000 jobs in the sector are linked to business with Europe.
Mr Osborne’s estimates were based on a new UK treasury analysis showing around 100,000 financial services jobs were directly linked to EU exports, with another 185,000 reliant on indirect demand.
The treasury analysis was based on official data on the total number of jobs in financial and insurance activities, and the latest figures showing that 33 per cent of exports go to the EU.
Xavier Rolet, chief executive of the London Stock Exchange, has said 100,000 City jobs could be lost if Britain left the EU in a private meeting with David Cameron, linked to moving the clearing of euro-denominated securities out of London. However, Boris Johnson, the pro-Brexit former London mayor, recalled similar warnings when Britain did not join the euro. "Canary Wharf is now far bigger than the Frankfurt financial centre."
Speaking at an FT125 Forum event yesterday, Mr Osborne said financial services accounted for £69 billion of exports a year. – Copyright The Financial Times Limited 2016
