If the UK intends to retain its status as the financial center it will have to welcome international workers, as per the latest report of The City UK. The report further elaborated that the UK will lose its status as the center of fiscal activities in Europe if it closes its borders to international workers. The UK will also have to accentuate ties with emerging global economies and better its infrastructural facilities, added The City UK report.
The report further elaborated that the scenario is already bleak for the UK as Brexit has already made it tougher recruiting international workers. Moreover immigrating to the UK is becoming more expensive and restrictive owing to the policies of the government.
The most powerful fiscal lobby in the UK detailed in its report that continental Europe could actually emerge as the preferred fiscal center. Even as Asset Managers, Insurers, and Banks relocate to the EU to retain access to EU’s single market, businesses could eventually get centered outside the UK, said the report.
Relocation of fiscal activities and businesses from the UK could slowly eliminate the financial ecosystem’s cluster effect. The financial ecosystem of the UK would reach a threatening ‘tipping point’ added the report.
Signing a favorable deal with the EU for the UK’s financial services is one of the top challenges for the UK government. The reason is quite apparent as the EU is the UK’s biggest source of corporate tax and largest export sector, as quoted by the Euro News.
In the eventuality of a hard Brexit wherein the UK’s access to the EU single market gets restricted, almost 38 billion pounds of revenue losses could be incurred to the finance sector of the UK.
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