Britain’s financial services sector could retain its pre-eminent global position even if voters opt to leave the European Union, according to a leading economics consultancy.
The potential impact of Brexit on the Square Mile is likely to be a key factor shaping the government’s thinking as it seeks to renegotiate Britain’s relationship with the EU in the coming months.
However, Vicky Redwood, UK economist at Capital Economics, said her analysis suggested the short-term costs could be outweighed by longer-term benefits.
Bank of England governor Mark Carney has reiterated his expectation that the bank will raise interest rates soon.
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Theresa May has threatened a trade war with the US after it slapped punitive tariffs on British-built aircraft, casting doubt on a key plank of her Brexit strategy.
