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: Continue reading

Hall: Blow for eurosceptic Britzerland solution

Fiona Hall MEPThe EU’s 27 Member States today expressed their deep dissatisfaction with the bloc’s relationship with Switzerland calling on the country to enter into a mutual arrangement similar to the Norwegian model.

Every two years, the Council assesses its relations with the four countries countries that are part of the European Free Trade Agreement (EFTA). This year Member States declared the Swiss option as completely unsatisfactory.

Swiss participation in the single market has stalled for years as EU Member States demand a new Norway type arrangement of automatically adopting nearly all EU laws without having any say on their creation.

The leader of the Liberal Democrats in Europe, Fiona Hall MEP, commented on today’s Council report: Continue reading