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There’s more to the City than “passporting”

It is too narrow a lens through which to view the advantages enjoyed by our financial services companies

By George Magnus  

The City of London ©0x010C

Read more: The City will decline—and we will be the poorer for it 

It is not surprising that the City is a central issue in the Brexit discussion. It’s a pretty important part of the economy. Financial services in general account for about 12 per cent of GDP, run a £72 billion balance of payments surplus and raise about £66 billion in tax revenues. Inside the City, there is a handful of well-known Brexit supporters amid a predominantly pro-EU, pro-Single Market…

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