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Commonly cited arguments for staying in the single market not only don't stand up to interrogation, they also neglect what post-WWII European trading unity was meant to be about – cooperation. Last week, a cross-party group of MPs tabled an amendment to the Queen’s speech calling on the government to commit to staying in the single market. As a result of their support for the unsuccessful amendment, three Labour shadow cabinet members were forced to resign.
UK-based finance firms will need far more than just ‘passporting’ rights to keep up their operations in the EU after Brexit, and the government will likely want something in return. The result of June’s referendum on whether the UK should leave the EU has exposed limits in assumptions and concepts that strategic planners at financial services (FS) firms – from banks and insurers to dealers and asset managers – must recognise.
by Guy Sears and Angus Canvin in London Financial services exporters are justifiably concerned about what might replace the system for sales of financial services to the European Union if the UK votes to leave on 23 June. Britain’s trade with the rest of the world plays a vital role in the referendum debate.
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