Cable: City job losses show no deal Brexit would be "foolish"
It has been reported that the Bank of England believes up to 75,000 financial services jobs could be lost as a result of Brexit, particularly in the event of a no deal in the sector.
In response, Liberal Democrat leader Vince Cable said:
“The analysis by the Bank of England shows what is at stake should the government be foolish enough to takes on a course that crashes us out of the European Union.
“The financial services sector is extremely important to the UK economy and for job creation. The sector is also a major source of government revenue at a time when finances are weak.
“It’s clear the so-called WTO alternative – a no deal – would be hopeless for our financial services industry. Crashing out of the European Union would be a foolish and damaging act that should not even be considered.”