5,000 financial services firms 'at risk' if UK leaves single market
Chairman of the Treasury Select Committee has warned on September 20, 2016 that more than 5,000 financial services firms are "at risk” if Britain leaves the Single Market after Brexit. He revealed the scale of the threat if the City loses the right to operate across the 27 remaining members of the EU – so-called “passporting”. A total of 5,476 UK-registered firms hold at least one passport to do business in another member state of the EU or the EEA. And a further 8,008 firms, registered in other EU or EEA member states, hold passports to do business in the UK. It is the first time that the number of companies that will be hit by a “hard Brexit” option – favoured by some leading Conservative Eurosceptics – has been set out.