Brexit could force London banks to relocate jobs
The European Union’s financial services commissioner has warned that Brexit could force banks to relocate jobs from London to Paris and Frankfurt.
“I've visited London, Manchester and other British financial centers in the past weeks and warned of the consequences of an exit from the EU," Jonathan Hill said in an interview published by German business newspaper Handelsblatt on Wednesday.
“Then it could happen that banks and investment funds shift activities and jobs to Frankfurt and Paris,” said Hill, who was appointed to the European Commission by Prime Minister David Cameron.
His remarks came just two days after EU President Donald Tusk directly pleaded with Britons to vote against Brexit.
Tusk said that the EU without Britain “will become weaker,” adding, “In no way are we downplaying the economic costs that would accompany Brexit.”
Britain will hold a referendum Thursday to decide on whether to stay a member of the EU amid warnings by Cameron and supporters of the “Remain” campaign against Brexit.
Cameron said Tuesday that leaving the EU would risk Britain’s economic security and future generations would have to live with the consequences.
“They can't undo the decision we take,” he said. “If we vote out, that's it. It's irreversible.”
Those in favor of a withdrawal argue that outside the bloc, Britain would be better positioned to conduct its own trade negotiations, better able to control immigration, and get rid of excessive EU regulations and bureaucracy.
Those in favor of remaining in the bloc argue that leaving it would risk the UK's prosperity, diminish its influence over world affairs, and result in trade barriers between the UK and the EU.
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