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UK financial services are a 'European asset' -TheCityUK
06/17/2013 Email this story  |  Printable Version

LONDON, June 17 (Reuters) - Britain should maintain its membership of the European Union because its financial services sector is a shared European asset that powers economic growth in both the UK and the 27-nation trade bloc, a lobby group said on Monday.

TheCityUK, a body that promotes the UK financial services industry, has put forward its case for continued EU membership with a raft of statistics, highlighting what it said was the extensive and mutually beneficial relationship between the two parties in financial services.

The EU is the biggest single market for UK exports of financial services and trade between the two provided more than a third of Britain's financial services trade surplus, or 16.6 billion pounds ($26.08 billion), in 2012, TheCityUK's report said.

Britain in turn provides European Union companies with access to London's global capital market and a substantial investor community: around three-quarters of UCITS-compliant funds (funds that can be sold in any EU country after approval from a single member state) are managed in London, as are 85 percent of European based hedge funds.

British Prime Minister David Cameron earlier this year promised to claw back powers from the EU and put Britain's membership of the bloc to a referendum by 2017.

(To read TheCityUK's full report, click here: http://link.reuters.com/jut88t) ($1 = 0.6364 British pounds) (Reporting by Clare Hutchison; Editing by David Cowell)


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