Brexit trade deal: Financial services feel abandoned by Boris Johnson - Business Insider

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The UK's financial services industry feels abandoned as Boris Johnson makes last-ditch push for a Brexit trade deal

This story is available exclusively to Business Insider subscribers.The UK's financial services industry feels sidelined as Boris Johnson pushes for a Brexit trade deal with the EU.

The financial services industry, which contributes around 7% of GDP and over 1 million jobs in the UK, is one sector in which the UK is genuinely world-leading. The dominance of the fishing industry, which makes up just 0.1% of the UK economy, has irked many, while such little emphasis has been placed on protecting financial services.

"A lot of people think of financial services as the stock exchange and big banks and the old bowler hat image, but don't really think about their pension funds and the many insurance firms in provincial towns outside of London. There are a lot of old-fashioned and negative stereotypes about the sector, when actually it is rather vastly more diverse.

"There had been an implicit understanding for a long time that the financial services sector had a strong, outside influence on UK government decisions due to economic heft, but Brexit has proved that perhaps that assessment isn't entirely true," he said.

 

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'last-ditch'

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