CRUCIAL Britain’s Financial Service Europe post Brexit | Mark Carney Statement



CRUCIAL Britain’s Financial Service Europe post-Brexit | Mark Carney Statement

MARK Carney has warned Brussels that the EU would lose “crucial” financial services if it blocked European companies from doing business in London.

Responding to thinly-veiled threats from Eurocrats that the EU could freeze the City out of European business, the Bank of England governor reminded leaders on the continent that Britain’s capital is “the investment banker for Europe”, and that more than half the equity and debt raised by eurozone companies was issued “in the UK, by firms based in the UK, quite often to investors in the UK”.

Mr Carney’s intervention comes after Mario Draghi, president of the European Central Bank, claimed Britain would “first and foremost” feel the pain of Brexit, and said there would be questions of “sovereignty” regarding where eurozone financial trades take place.

Draghi suggested other parts of Europe wanted to bring parts of the financial system into their territories in order to take advantage of the large amount of tax revenue paid by financial professionals.

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