Chris Cummings, Chief Executive, TheCityUK, said, “This Budget is delivered against a backdrop of uncertainty – increasing global risk, moderate UK growth and the forthcoming referendum on the UK’s membership of the EU. While leaving the EU might not be ruinous for the UK economy, our evidence has shown that Brexit risks damaging UK-based financial and related professional services – an industry that contributes more tax than any other sector in the UK, employs nearly 2.2 million people right across the nation and enables growth across the economy. Given our role in underpinning the UK economy, a risk to the stability of our industry poses risks to the stability of the wider economy and the return to the stronger economic growth that we all want to see.
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