Brexit to hit UK insurance services provided to EU

Posted On: Dec. 10, 2018 5:33 AM CST

U.K.-based Center for European Reform said that the value of Britain's insurance services to the European Union could decline 19% even if the country secures a free-trade Brexit agreement, Hellenic Shipping News Worldwide reported citing Bloomberg. Sam Lowe, a researcher at the think-tank, said that any Brexit-related agreement will inevitably lead to new barriers for U.K.-based financial services exported to the EU. The Center for European Reform said that the value of U.K.'s financial services to the EU is likely to decline nearly 58% to £10 billion ($13 billion) from the current £23.6 billion following a free-trade agreement.