The ability of manufacturing companies to sell their wares could be damaged. Manufacturing accounts for 54 per cent of UK exports and directly employs 2.6 million people. Another crucial area, financial services, may also be blighted. This is a sector that contributes £127 billion to the UK economy. Around half of that total derives from the City of London. Financial services accounts for 3.4 per cent of UK jobs. Some banks have indicated already they would be required to consider relocating to a centre in the EU and downgrading London. Again, why endanger the City’s world-leading position?