Sir, The City is right to be worried about the impact of the UK’s departure from the EU (“City’s call for single market access sets collision course with Brexit hardliners”, August 3). However, we should not be blinded by the consistent overstatement by TheCityUK of the importance of the Square Mile to the UK economy.
The City itself actually employs just a fraction of the 2.2m people mentioned in the article, with most of this number made up of those working in the financial services sector outside of London. The figure is also inflated by the inclusion of those employed in related sectors, such as legal services.
As to the City’s contribution to the country’s tax revenues, much of this has been offset by the scale of the public funds required to rescue the banks in the wake of the financial crisis. The City is also the home to institutions providing their expertise to companies and individuals wishing to minimise their tax contributions, often through the use of low tax offshore secrecy jurisdictions with close links to the City.
London SW7, UK
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