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The impact of Brexit on services has not received nearly enough attention

The focus is on goods but services generate 80 per cent of national output

By Guy de Jonquières  

International Trade Sectrary Liam Fox. Photo:\ unreguser/Xinhua News Agency/PA Images

Services industries are the engine of Britain’s economy. They generate 80 per cent of its national output, an even bigger proportion of jobs and almost half its exports, on which—unlike on goods—it earns a healthy surplus. And in a number of areas, such as banking and finance, media and legal services, they are world leaders.

Brexit threatens to deal a heavy blow to this flourishing sector, possibly even harder than to manufacturing. Yet, except for concerns expressed about the…

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