What would happen if the UK did lose its passporting rights and how would that affect banks and businesses outside Europe? Giles Adams, Partner in risk compliance KPMG in the UK, shares the messages coming from the UK’s financial sector and its customers across Europe.
- 78 percent of Europe’s foreign exchange activity and half its fund management takes place in the UK
- London is an ecosystem that is impossible to replicate: Europe needs the City and the City needs Europe.
- Asia and US could strengthen position as banking centres at Europe’s expense.