LONDON’S main financial lobby group urged the government Friday to retain access to the EU’s single market as it seeks to contain the fallout from Britain’s surprise vote to leave the trading bloc.

    Since the June 23 referendum, many have predicted an exodus of banks and other high-paying service industries from the City of London if access to business opportunities in the European Union becomes significantly harder. Banks like JPMorgan have said they could move thousands of jobs.

    In a statement issued after the meeting of financial service leaders including Barclays chairman John McFarlane, TheCityUK lobby said keeping Britain in the EU’s single market would be better for economic growth and jobs across the bloc.

    Chief executive Chris Cummings said businesses needed to be able to hire the best people from across the EU.

    TheCityUK said the management consulting firm Oliver Wyman has agreed to work for free for the organization, providing analysis to support its policy recommendations.

    Consumer confidence took one of its biggest drops in 21 years and Britain’s largest department store expressed concern over the pound’s fall Friday, in the strongest evidence to date of the challenges Britain’s economy faces after the Brexit vote.

    (SD-Agencies)