On 5 October, the City UK published a report by Oliver Wyman looking at the potential impact of Brexit on the UK-based financial services sector. The report looks at the potential consequences of various possible Brexit formulations and concludes, unsurprisingly, that if a Brexit that preserves the rights firms get from passporting and equivalence is agreed, there would be only modest reduction of UK-based activity. But, with no equivalence and trading only on WTO terms, up to £20 bn in revenue of EU-related activity could be at risk, together with 35,000 jobs. The report came a week before a major conference on the effects of Brexit on the financial sector.
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