More than 100 influential business bosses came together to support the campaign for the UK to quit EU. The group is of the opinion that the City of London will flourish and boom if its leaves the EU.
According to these 110 business bosses, excessive regulations being imposed by the EU will harm London's supremacy in the global financial services sector. However, according to another school of thought, leaving the EU will cause job losses as well as a decline in investment.
In the referendum campaign that was held previously, institutions like the CBI and EEF supported the idea of the UK staying in the EU. Likewise, people who are supporting the idea of UK staying in the EU had also brought the support of 36 FTSE 100 bosses to support their claim.
Economists, traders and politicians have been discussing and weighing the impact of the UK quitting the EU's single market. This move will affect trade deals and thus, the economy of UK.
However, the current government is of the opinion that quitting the EU is not a good move for the UK as leaving the Eurozone will hamper economic growth and reduce the household income of people.
Contrary to this, leave campaigners are stating that all such claims of the government are untrue and that the government is only trying to scare people. In their letter to the Evening Standard, the 110 business figures have said that, leaving the EU will not reduce growth. Instead, it will cement London's status as the world's largest international financial centre.
Chained to the Euro
Drawing from their personal experiences, the signatories, which includes an impressive list of Chief Executives, Economists and Fund Managers, said that they are devoted to establishing and maintaining London's status as an ideal and competitive place to do business. The signatories warned that the EU's intentions are contrary to that of the UK and thus, staying in the EU will harm UK badly in the long run.
Robert Barkley of Orix Trading says, "The EU cannot move beyond the Euro which is already harming the economic and social interests of the EU members. It has also caused high unemployment in EU member countries."
He further added, "More importantly Europe needs to embark on a journey of innovation if it wants to compete with the rest of the world. At the moment, it is unknown if the EU is willing to contribute or support this new world of innovations. On top of this, excessive regulations being imposed by EU are capable of harming UK's financial services industry as well as the future of London.”
The signatories have made a strong plea to quit the EU. In their letter to the Evening Standard, they have also said that if London is supported by an efficient political leadership and a good regulatory environment, nothing can stop the City from remaining one of the world's leading international financial centres.
