City of London will grow if a 'Brexit' is avoided
London's financial district will grow its output by more than a third and will employ 10% more people over the next ten years if the UK remains with the European Union, according to a report commissioned by the City of London Corporation.
In 2014 the City generated £45bn in gross value, with that figure expected to grow by £16bn in the next decade, helping to create 39,000 new jobs mainly in finance, insure, media, IT & communications, and legal & accounting businesses, the study said.
Read more: Cameron to warn European leaders over 'Brexit'
This report shows how vital the City's success is to growth in London and the UK
"This report shows how vital the City's success is to growth in London and the UK," said City of London Corporation chairman of policy and resources, Mark Boleat.
Nevertheless, the report warns that the main threats to this growth could come by the hand of a "Brexit" from the EU, a lack of skilled employees, unaffordable housing and limits on aviation capacity.
Read more: UK referendum on EU membership could come before end of 2017
Conservative MP Mark Garnier, a former fund manager in the City, said on Tuesday that the country should remain within the European Union (EU), emphasising that this was “incredibly important” for the country's financial services industry.
"The UK and the City of London is not a destination in its own right, it's a gateway to the single market in Europe. It's important we maintain our position in Europe and become an influential member," he said.
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