Bowles: Goldman Sachs may reconsider London as a hub if UK quits EU

Sharon Bowles MEPLiberal Democrat MEP Sharon Bowles today warned of dramatic job losses in the financial sector if the UK were to leave the EU, after co-CEO of Goldman Sachs Michael Sherwood said his company would be likely to ‘drastically reduce’ its activities in London in case of an EU exit.

Speaking to German newspaper Frankfurte Allgemeine Zeitung, Mr Sherwood warned:

“In all likelihood we would transfer a substantial part of our European business from London to a Eurozone location – the most obvious contenders being Paris and Frankfurt.”

Goldman Sachs currently employs around 5500 people in London compared to just 200 in Frankfurt.

Commenting, Chair of the European Parliament Economic and Monetary Affairs Committee Sharon Bowles said:

“Being part of the EU, the world’s largest trading bloc, is vital for the UK financial services sector and the 2 million people it employs.

“Leaving would mean losing unfettered access to the single market and influence over its rules. That would inevitably make a lot of banks reconsider whether to locate their business here, dealing a major blow to the UK economy just as it begins to show signs of recovery.

“Liberal Democrats, as the unambiguous party of In, are determined to stand up for Britain’s national interest by ensuring we remain a leading member of the EU. We cannot simply stand by and let the eurosceptics throw our economic recovery away. That’s why it is so important that businesses are making their voices heard and contributing to the debate.”

Notes to Editors

The full article in Frankfurte Allgemeine Zeitung can be found here

Over 2 million people are employed in financial and related professional services across the UK

https://www.gov.uk/government/news/board-appointed-to-help-uks-world-class-financial-services-grow

 

 

 

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