Banks warn UK against EU exit

31 December 2012

Major banks based in the City of London would be negatively affected if the UK opted to leave the European Union (EU) in the near future.

That is according to a number of senior officials in the country's financial hub, who have warned that an exit from the 27-member state economic bloc would be nothing short of disastrous for confidence in the nation's fiscal recovery.

Speaking to the Sunday Telegraph yesterday (30 December), a number of professionals said there is growing concern in the industry after David Cameron indicated he could hold a referendum in which one option would be leaving the EU.

For instance, one executive said this issue could prove to be "very destabilizing" for the City and warned the prime minister he is potentially "playing with the future of the British economy for the next 30 years".

Large foreign banks currently based in the UK capital are particularly worried about the growing talk of Britain exiting the EU, the sources noted.

By Gary Cooper

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