Lucy Thomas, Campaign Director of Business for New Europe, said:

“This report demonstrates just how damaging Brexit would be to the City and the British economy as a whole. Britain would lose the ability to trade freely across Europe and would have no influence over the rules.

“It makes clear that the financial services would be one of the sectors hardest hit in Britain. We already hear of banks looking at property overseas in order to be ready to relocate if necessary. Given that a tenth of Britain’s taxes come from the City, leaving the EU would be a huge blow to our economy.”