Unite Wales Finance and Legal RISC warns against EU exit

Unite Wales Finance and Legal RISC warns against EU exit

03 June 2016

Wendy Gilligan, chair of Unite Wales’ Finance and Legal RISC (Regional Industrial Sector Committee) has today issued a warning that leaving the EU could mean uncertainty for the sector across Wales.

In her statement, Wendy said:

“A vote to remain in the EU will protect jobs, promote economic growth and ensure that Welsh businesses continue to flourish.”

“As part of the EU the financial services sector in Wales has gone from strength to strength” 

"Being a member of the EU has meant that the UK has full access to the single market of over 500 million people and an economy over five times bigger than the UK's."

"In financial services, access to the single marker helps the sector to export over £20 billion of financial services to the EU, around 33% of the UK's total financial, insurance and pensions services exports." 

"It is clear that for Wales' future prosperity that there is no credible or, in fact, more desirable alternative to the EU membership."

Steve Pantak, Unite Wales Regional Officer with responsibility for the sector said:

“We have for many years seen the growth of Financial Services in Wales and people should be in no doubt that if we were foolish enough to vote to leave the EU then many thousands of jobs in this sector in Wales would be at risk.”

“We have already heard many comments from the City of London that large financial operations would move to mainland Europe such as Frankfurt and this would clearly have a knock on effect to employment and prosperity in Wales.”