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Brexit would restrict financial services sector – UK Govt

EU and UK flags fly above the EU Commission offices in Westminster, London. David Cameron is making final efforts to bolster support for his proposed European Union reforms before a crunch summit. PRESS ASSOCIATION Photo. Picture date: Wednesday February 17 2016. Photo credit should read: Stefan Rousseau/PA

The absence of ‘passporting’ would present challenges for the financial services sector in the event of a UK withdrawal from the EU, according to a new report published by the British Government yesterday.

The finding, part of a much wider document, focused on the impact on the UK financial services sector, but its implications are relevant here too.

The paper - which looks at arrangements adopted by countries including Norway, Switzerland and Canada as well as the option of falling back on World Trade Organisation (WTO) rules - warns that none is as good as the deal on offer with Brussels.

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