LCCI respond to figures released by the Mayor of London, regarding the need for an agreement between the UK and EU for the trade of services.

Richard Burge, Chief Executive of London Chamber of Commerce and Industry, said: “The figures released today by the Mayor build on research that we commissioned via CEBR back in 2018, to look at the economic impact of differing trading relationship models with the EU.

"The LCCI report was a partnership with other metropolitan chambers of commerce, as our relationship with EU countries is not only crucial for London, but also to employment and trade right across the UK.

“We now have a minimal trade deal that excludes services. The Mayor is right to highlight the scale of the contribution that the services sector has to the GDP of London and the UK, and the immediate need to address what in essence is a no-deal for businesses in these sectors.

"These figures prove that it is imperative that the Government and the EU work rapidly towards an agreement enabling financial and professional service companies to have free and fair access to each other’s markets.”