TheCityUK responds to confirmation of UK-EU referendum date

Chris Cummings, Chief Executive, TheCityUK, said,

Swift confirmation of the referendum date as 23 June is welcome news for voters, business and international investors. It is now up to the British people to decide whether to support the Prime Minister’s package of reforms that deliver a special deal for the UK in Europe; or to choose an alternate path and work towards different future relationship with the EU.

London is the EU’s financial centre and the strong business links across the continent are fundamental to the prosperity of the whole region. Research has shown that Brexit risks a loss of jobs across the country, could damage the City, and would weaken the UK's attractiveness to international investors. It would also create prolonged uncertainty for business while the practical implications of a withdrawal are put in place. Not least would be the challenging negotiations to agree how the UK could maintain access to the EU's Single Market. Businesses across the UK rely on being able to import from and export to the Single Market and access to it has been the major factor in making the City the leading global financial centre. While leaving the EU may not be ruinous for the UK economy, it would most likely lead to a loss of jobs and a faltering in economic growth.

We know from our own research that the public want to hear from business leaders on this matter. It’s not our place to tell people how to vote, but we have a role in explaining the consequences of the referendum outcomes and helping them to reach an informed decision. As an industry that employs over 2.2 million people right across the country and contributes more tax that any other sector, financial and related professional services must and will play its role.