British shipping fears EU exit Thursday

London's reputation as a global hub for ship-financing as well as brokerage and insurance business is at risk if the British people vote the country out of the European Union, warn British shipping leaders according to the Wall Street Journal.


The British shipping industry has certain concerns heading towards the public vote on Thursday. The vote will decide whether or not the UK will remain part of the EU or leave the European Union. If a majority of the population votes for a British exit, shipping leaders, according to the Wall Street Journal, fear that London will lose its status as a global hub for ship-financing and broker as well as insurance business.

The newspaper cites numbers from the accounting firm PWC, which show that the maritime service industry makes an annual contribution of USD 6.5 billion to the British economy. And according to Maritime London, which is a marketing organ for UK-based maritime companies, shipping employs about 469,000 people. This is in spite of the fact that the UK is no longer a prominent shipowner nation.

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