The UK could face a £10 billion tax hit and the loss of 75,000 jobs if the City is frozen out of the EU trading bloc following a so-called ‘hard Brexit’, according to a new report released on October 5.

The report, from consultancy Oliver Wyman and lobby group TheCityUK, was put together to assess the impact of a range of different scenarios after Article 50 is triggered and the UK eventually departs the European Union.