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Monday, April 22, 2024

Tory Brexit Blow to Financial Services as UK Loses Business to Europe

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The SNP has said Boris Johnson’s botched Brexit deal is “harming the whole economy” – as Amsterdam surpassed London as Europe’s largest share trading centre, as the UK loses business to the EU following Brexit.

The data from CBOE Europe, reported in today’s Financial Times, shows €9.2bn shares a day were traded in Amsterdam in January – a more than fourfold increase, while trading in London fell significantly to €8.6bn.

It follows a ban on EU-based financial institutions trading in London following Boris Johnson’s Brexit deal, which saw London immediately lose €6.5bn of deals to the EU when the transition period ended on 31st December.

It comes amid warnings, from Bank of England Governor Andrew Bailey, that Britain could be locked out of the EU banking market – after Boris Johnson took Britain out of the EU single market, and failed to secure a deal on financial services.

This morning, Savanta ComRes published the twenty-first consecutive poll to show majority support for independence in Scotland, with support at 53% among those expressing an opinion. Separately, a poll from YouGov found 62% of Scots think Brexit has gone badly since the transition period ended.

Commenting, SNP Shadow Business Secretary Stephen Flynn MP said:

“Boris Johnson’s botched Brexit deal is harming the whole economy – with new barriers to trade, added costs, and mountains of red tape meaning UK businesses are losing out.

“The blow to financial services is a direct result of the Tory decision to impose the hardest of Brexits on the UK – ripping us out of the world’s largest single market and failing to agree a financial services deal before the end of the transition period.

“The only way to protect Scotland’s interests, secure our place in Europe, and regain the full trading benefits of EU membership is to become an independent country.

“People in Scotland have the right to decide their own future, in a post-pandemic referendum.

“In the meantime, the Tory government must mitigate the damage of Brexit by agreeing a comprehensive financial services deal with the EU, supporting businesses, and delivering a multi-billion-pound package of Brexit compensation for Scotland.

“While Ireland is getting €1.05billion from the EU’s Brexit mitigation fund, Scotland has yet to receive a single penny in compensation from the UK government, despite the long-term damage to businesses, communities and the economy. It’s completely unacceptable.

“With the damage of Brexit growing by the day, it is clearer than ever that Scotland’s future must be in Scotland’s hands – not Boris Johnson’s.”

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