Britain will lose its status as Europe's top financial center unless it keeps borders open to specialist staff, improves infrastructure and expands links with emerging economies, TheCityUK said in a report published Thursday.
The report from Britain's most powerful financial lobby said continental Europe might eventually become the preferred destination for banks, insurers and asset managers as they relocate there to retain access to the EU single market after Britain's exit from the bloc.
Although companies may begin by initially shifting a small number of jobs to Europe, this may start to accelerate when property leases expire, business reviews are carried out, or when the cost of capital becomes uneconomical.