Risk to 116,000 City jobs

116,000 jobs could be lost throughout the European Union if the City of London loses its place as Europe's leading financial centre, according to a report out today.

"The City's Importance to the European Union Economy", written by the Centre for Economics and Business Research and commissioned by the Corporation of London, also predicts that the real cost of European financial services would rise by 15 per cent, were business to migrate from the City. The report argues that the City of London and the economies of the European Union are closely inter-linked.