The government has been told it must protect the most valuable sectors of the finance industry as it negotiates a Brexit deal for the City.
In a report published today the European affairs think tank said the government must prioritise its negotiations on those finance sectors most at risk, such as banks. Vincenzo Scarpetta, Open Europe's senior policy analyst, said: "The significance of the financial services passport depends on the industry. It is important to business in some sectors, but has much less value in others.
"To claim that the success of the UK as a global financial centre is entirely reliant on the passport is exaggerated. In the upcoming negotiations with the EU, the Government needs to focus its efforts on retaining or replicating a passport-like relationship in those sectors where it is most valuable."