Obviously it would be nice but:
There is a consensus that the EU’s integrated financial market is one of its great success stories. It makes it easier and cheaper for French farmers, German manufacturers and Italian fashion designers to secure funding. It helps EU citizens get better returns for their savings. And it also creates jobs, not least in the UK, where financial services as a whole employs more than a million people, two-thirds of them outside London.
But it is now at risk. It is underpinned legally by the “passporting” system enshrined in EU legislation, which allows banks based in the UK to sell services to customers in Europe, and banks based in Europe to sell services to customers in the UK, and access the global financial centre that is London. It also allows banks based in one EU country to set up branches in any other EU country without going through local regulators.
Banking is probably more affected by Brexit than any other sector of the economy, both in the degree of impact and the scale of the implications. It is the UK’s biggest export industry by far and is more internationally mobile than most. But it also gets its rules and legal rights to serve its customers cross-border from the EU. For banks, Brexit does not simply mean additional tariffs being imposed on trade – as is likely to be the case with other sectors. It is about whether banks have the legal right to provide services.
The system is 14 years old so I am told. The City was the financial centre of Europe before that too. It isn’t therefore quite as much of a deal breaker as is being said.
Further, he’s talking about £20 billion of exports. OK, that’s real money. We’ve also got a £1.8 trillion economy. How much should we subjugate that to the EU in order to get those exports?