How the UK’s financial services sector can continue thriving after Brexit

London is one of the most successful financial centres in the world. There has been much debate about whether the financial services industry will be able to survive Brexit. This report examines how the current financial services ‘passport’ operates in reality and its relative importance to different financial sectors. It also considers how UK firms could continue to access European markets if the UK decides not to stay in the single market. The study concludes that financial services ‘passport’ is not a single thing. There is not one passport. In reality, there are a series of sector-specific passports built upon dozens of financial regulations and principles. In some sectors, the passport is important to the business, but in other sectors it has much less value. The assertion that the success of the City of London is based on full and complete access to the EU single market in financial services is not borne out by our analysis. However, that is not to say it has no value. There are areas where it will be important to try to retain a similar relationship to the one the UK has now.

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