EU Referendum: Eurozone Will Make City Pay Dearly for Brexit, Warns Lord Hill

by Peter Foster, Europe Editor, in Brussels

Britons are living a “complete fantasy” if they think that France and Germany would not use a Brexit vote on June 23 to hurt the UK economy and particularly the financial services sector, Lord Hill, Britain’s EU Commissioner in Brussels, has told The Daily Telegraph.

With polls showing a vote to leave becoming increasingly likely, Lord Hill, who is the EU Commissioner responsible for financial markets and stability, accused the “leave” camp of intellectual dishonesty that risked inflicting serious damage on a vital sector of the UK economy.

He warned that, after a vote to leave, the UK would have to undergo a tortuous “equivalence process” to establish regulatory convergence between the UK and the single market.

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