One year on from the UK’s referendum vote to leave the European Union and with exit negotiations just beginning, AFME has published a new report, Bridging to Brexit: Insights from European SMEs, Corporates and Investors.
The report, commissioned from The Boston Consulting Group (BCG) with support from Clifford Chance, examines the impact of Brexit on SMEs, large corporates and investors and in particular, on their use of wholesale banking and capital markets services.
To assess the potential effects, BCG interviewed 62 end users of wholesale banking services, as well as 10 trade associations. The feedback and insights from these interviews are supported by quotes and real-life case studies which illustrate the potential impacts to their businesses. BCG then presents a quantitative analysis of specific Brexit-related challenges that the banking industry will face in trying to match client expectations identified in the interviews.
The findings of this report indicate that a hard Brexit will be a particular challenge for SMEs, but also raises issues for corporates and investors, with wider implications for growth in the real economy. The resulting potential fragmentation creates an even greater need for timely implementation of the Capital Markets Union initiative, of which AFME is a strong supporter.
We hope this report will provide helpful feedback for policymakers during the forthcoming discussions on the future relationship between the European Union and the UK.
Read the press release here.
Please click here to download the summary document