'Hard Brexit' could cost UK finance firms 38 billion pounds – RTRS

The main industry lobby group TheCityUK commissioned a report on Tuesday, noted that the British financial industry could lose up to GBP38 billion pounds in revenue in 'hard Brexit' that would leave it with restricted access to the EU single market, Reuters reports.

Hector Sants, vice-chairman and Britain's former top financial regulator, Oliver Wyman, said "It is in everyone's best interests for there to be a positive outcome to the negotiations that is mutually beneficial to the UK and the EU, causes minimum disruption to the industry and benefits customers." 

Reuters notes,” The report outlines the impact of two different Brexit scenarios: In the worst-case scenario for international banks where they lose all access to the single market, known as "hard Brexit," then revenue may fall between 32 to 38 billion pounds and between 65,000 to 75,000 jobs.”

“If Britain retains access to the European Economic Area on similar terms to currently then only 4,000 jobs may disappear and it would lose about 2 billion pounds in revenue.”