- 22 Jan 2014 at 4:12 PM
As long as threats are being issued over the matter, Citigroup would like to remind the U.K. that without the EU, it is just a small island country that is no easier to get to from New York than Frankfurt.
The British Bankers’ Association has sent a submission to a Treasury review that counters fears over the split of powers between London and Brussels, saying the current balance was “broadly appropriate”. It added there was an “overwhelming” case for more resources to be devoted to relations with Europe and warned that the UK was significantly underpresented in Brussels.
In a sign of the concern in the City over the outcome of David Cameron’s pledged referendum on EU membership, Citigroup has separately made an explicit warning to the Treasury about the costs for the UK economy if Britain were to leave Europe.
Citi said that if the UK were to disengage significantly or completely from the single market the implications could be “dramatic”. The UK population would face a drop in living standards as a result of lower wages or a weaker pound so that the same export performance could be maintained within the EU….
“It’s not that international companies will stop investing in Britain, but their investment just won’t be at the scale we have become accustomed to,” he said.
- Hedge Fund Manager Keeps A Detailed Record Of All The Asses He's Grabbed
- Bonus Watch '14: Congrats On Being An Investment Banker
- Bill Gross Reacts To George Soros's $500 Million Investment Like He's Been Awarded The Presidential Medal Of Freedom
- Mathew Martoma Is In Miami
- Bonus Expectations Got You Down? Boss Riding Your Ass? Quit And Support Yourself Via Fantasy Football
- David Rubenstein Will Have Warren Buffett Know He's Not A Porn Shop Operator
- Goldman Sachs Is Smart
- Steve Cohen Continues To Rid Firm Of Incentives For Employees To...Y'Know...
- Opening Bell: 11.21.14
- Rich People Are People, Too
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com