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Goldman warnings, UK lawmakers economy after Brexit

Goldman warnings, UK lawmakers economy after Brexit – LONDON (Reuters) – British lawmakers launched an inquiry to plot the best way forward for finance with Brexit as Goldman Sachs warned it could cut jobs if the UK crashes out of the bloc without an agreement in two months.

The inquiry will determine if the country should track EU rules or cut loose to best serve its financial sector after Brexit happens,

Finance is Britain’s biggest tax raising sector, earning government coffers more than 70 billion pounds ($91 billion) each year, and the EU is the sector’s largest single customer seen.

“London is the world’s premier financial hub, and many of us want to keep it that way forever,” Treasury Select Committee chair Mr Nicky Morgan quoted in a statement.

Goldman warnings, UK lawmakers economy after Brexit
Pro-Brexit campaigners stand outside Downing Street in London, Britain January 24, 2019. REUTERS

Britain has yet to secure a divorce settlement with the EU to avoid leaving the bloc on March 29 without any framework, leaving banks, insurers, asset managers and trading platforms in Britain with European customers scrambling to open new EU hubs.

Goldman Sachs Chief Executive Officer David Solomon told the BBC in Davos that the bank would invest less in Britain if there is a difficult or hard Brexit.

“But I would say that, over time, if this is resolved in a difficult way or a hard way, it’ll have an impact on where we invest and where we put people,” Solomon said.

A vote in parliament next Tuesday could take a no-deal Brexit off the table, but it would remain unclear what would replace it.

Supporters of Brexit say departure from the EU is an opportunity to trim the rulebook and keep the City of London competitive as a global financial hub.

British regulators want to stay aligned with the EU and have ruled out a “bonfire” of regulations, warning about the perils of “light touch” rules that led to the financial crisis.

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