London warned of big threat to jobs if UK quits EU

The Financial Times ^ | August 3, 2014 | Jim Pickard

[Berlin_Freeper]

London could lose more than a million jobs if Britain quits the EU and fails to adopt more outward-looking trade policies, according to a report commissioned by Boris Johnson, the London mayor.

In those circumstances, the capital could shed 1.2m jobs and lose out on tens of billions of pounds of gross domestic product, the report says.

[minnesota_bound]

The EU is run by power mad Belgians!
Run away!

[JennysCool]

Hilarious. Abandoning socialism endangers jobs. Sure.

[NoCmpromiz]

Scare tactics - EU propaganda - or some truth here??

[Cowboy Bob]

If England loses all those jobs, maybe the Pakistanis and Nigerians will have to go home?

[Cronos]

Jenny -- you are wrong. The EU, while socialist, also brought down trade barriers and customs, tariffs etc. It made it easy for companies based in Germany to do their investment banking in London.

Most of London's and the UK's exports are financial products now, not manufactured goods.

They are already losing out in Asia to Hong Kong and Dubai. If the UK moves out of the EU, London will lose it's position as financial center for Europe as well.

this is no scare tactic but grim reality for London

To CowboyBob --> the Pakis already have no jobs, yet they won't go back to Pakiland.

[sunmars]

Yet the exact same thing was said about them joining the euro....if you don’t join the euro millions of jobs will be lost....well they didn’t and oh look all those companies are still there, it is scare tactics on a grand scale, if the UK left the Eu, it would do just fine, they could set their own taxes, lower them right down and push out Europe and Asia and i guarantee you the financial jobs would not only stay but increase.

Independence gives you the chance to set your own taxes, laws and choices, EU just makes you into a zombie nation within a big bunch of sharks.

The scaremongering is huge and the british public has finally caught onto it.

[moose07]

Unfortunately probably true.
Although certain parts of the manufacturing sector are doing well, there is no longer enough hardware productivity to balance out a collapse of this size if it where to occur.
However the trading laws in the City of London are what attracted the businesses in the first place, if the Gov has its collective head extracted there would be no real problems for any foreign business working out of the City.
I.E. (As if it where needed) the EU imposes Tax (Trade tariffs) ,So we Cut ‘em.
This condition is no accident, it took politicians about ten years to turn the nation from a Primary Production centre to a Service based Economy.
(You would be surprised at who it was too...)
They where planning total European integration with Germany as its power house.
Well, they can stuff off. Better to live in a Third world $h*t hole for a few years than submit to those Bar Stewards.
We've done it before ,We'll do it again! There is a whole world out there to trade with..... /Churchill. :)

[Cronos]

I don't see this as the same scare tactic. This is a simple case of freedom of money movements. The EU is basically a fortress. Companies in Europe go to London for money.

if the UK leaves, then the companies will be forced to move to the DAX (even though the DAX is nowhere nearly as efficient)