London mayor Sadiq Khan has vowed to fight to retain access to the European single market and retain passporting, which allows UK financial organisations to operate across the EU.
Speaking to CityAM, Khan said that the loss of passporting would be “a disaster” and was worth up to £10bn for the City of London.
“While I respect the country’s decision to vote to leave the EU, my job as mayor is now to stand up for and protect the interests of London, and that includes the financial sector,” he said.
“I’m assembling a priority list of what London demands from any exit negotiations and passporting rights, access to the single market and visas are right at the very top of this list.”
His comments come after Bank of France governor Francois Villeroy de Galhau said that UK banks would lose the right to passporting without signing up to the full single market.
“If tomorrow, Britain is not part of the internal market, the City cannot keep its European passport,” he said, speaking on French radio.
Former London mayor Boris Johnson has also said he thinks the UK can retain access to the single market. In his column for the Telegraph, he says: “There will continue to be free trade, and access to the single market.”