LibLink: Susan Kramer warns about the economic dangers of a reckless exit from the EU

In a letter published in the Financial Times, our economic spokesperson, Baroness Susan Kramer argues that it would be “economic vandalism” for the government to fail to financial services sector during the Brexit process:

The financial services industry generates over £65bn in taxes each year, over one-tenth of total government revenue. The loss of full access to the single market in financial services would not just hurt those in the banking industry. It would mean schools, hospitals and services across the country going without funding. We all want to rebalance our economy to be less reliant on financial services, but failing to support this vital sector during Brexit would be an act of economic vandalism.

The prime minister should think very carefully before sacrificing the City on the altar of a hard Brexit.

You can read the full letter here.

Read more by or more about , or .
This entry was posted in LibLink.
Advert

3 Comments

  • John Peters 7th Oct '16 - 11:29am

    Does the Lib Dem economics spokesperson believe we will lose £65 billion in taxes per year when we leave the single market?

    If so I suggest you start looking for an economic spokesperson who has a better grasp of economics.

  • George Crozier 9th Oct '16 - 11:03pm

    John Peters – come on, its obvious that Susan Kramer is making a point about the extent to which the taxes paid by financial services sector fund our public services. A very valid point. We can’t know the extent to which that sector’s UK presence will decline without passporting – predictions vary, but I’ve yet to see one that predicts no loss to elsewhere. That’s something even those who disparage our financial services sector should worry about.

  • The worse case scenario I read recently was the City would lose £20 billion in revenue and the Government £5 billion in tax.

Post a Comment

Lib Dem Voice welcomes comments from everyone but we ask you to be polite, to be on topic and to be who you say you are. You can read our comments policy in full here. Please respect it and all readers of the site.

If you are a member of the party, you can have the Lib Dem Logo appear next to your comments to show this. You must be registered for our forum and can then login on this public site with the same username and password.

To have your photo next to your comment please signup your email address with Gravatar.

Your email is never published. Required fields are marked *

*
*
Please complete the name of this site, Liberal Democrat ...?

Advert



Recent Comments

  • User AvatarMatthew Huntbach 5th Dec - 4:24pm
    Peter Theresa May managed to preside over a completely shambolic attempt to deliver the referendum result. then The call for a second vote was yet...
  • User AvatarJohn Hall 5th Dec - 4:21pm
    Let us not forget that the Thatcherites quietly introduced PR for local elections into N Ireland to give minorities a fair voice, well before being...
  • User AvatarAndrew T 5th Dec - 4:14pm
    I'm dreading party infighting over a "poor" result. FPTP and the fact we are miles behind in all but a handful of constituencies combined with...
  • User AvatarPeter 5th Dec - 4:03pm
    A referendum is a mechanism for letting the people decide on an important single issue in an unambiguous way. It is normal convention for parliamentarians...
  • User AvatarJohn Littler 5th Dec - 3:54pm
    Jo did well with Andrew Neil and far better than the interview with poor Tim Farron in 2017, where Neil did repeated interruption techniques. She...
  • User AvatarJohn Littler 5th Dec - 3:49pm
    Rural areas are often not connected to the gas mains and are reliant on deliveries of fuel oil. These are run by a monopolist with...
Tue 10th Dec 2019