Investment Association statement on Brexit analysis
Responding to the report by Oliver Wyman and The City UK on the impact of Brexit on the financial sector, Chris Cummings, Chief Executive Officer at the Investment Association, commented:
"The Oliver Wyman analysis is an important reminder of the direct contribution of the financial sector, in terms of tax revenues and employment. But beyond the direct contribution, the financial sector plays a key role in helping millions of UK citizens save for the long term and in funding British businesses as they invest and grow.
"The asset management industry acts as the 'engine' for savings of millions of UK households, providing long-term investment so that people can aspire to a comfortable retirement, a new home or paying for higher education. 75% of all UK households have pensions that rely on asset managers to deliver investment returns.
"The industry finances 60% of all new capital raising by UK listed companies, providing the lifeblood capital needed for our businesses to grow and serve the wider economy.
"One in every three shares in UK companies is held in portfolios managed by our industry, and our industry's more than 2,000 corporate governance experts make sure those companies are being managed in a long-term sustainable way.
"The UK has a unique global investment industry exporting services to clients throughout the world - whether within the harmonised framework of the EU single market or beyond it. This will continue, and we will work with government on a trade and investment strategy that will ensure that the UK remains the pre-eminent global centre for investment."
